Reimagining remote closing for a better digital mortgage experience |Blend

Reimagining remote closing for a better digital mortgage experience

Developing crowd-pleasing customer experiences is at the center of our work. Lending is a competitive industry, but the customer experience is an area where lenders can truly differentiate themselves. We’ve made great strides over the past few years, enabling consumers to get pre-approved in one-tap and then apply for loans, sign disclosures, and complete follow-ups from the device of choice at a borrower’s convenience. But one piece of the mortgage process has remained stuck in the past. A mortgage closing often feels as though it was designed for everyone except the consumer. That’s where Blend Close comes in, providing a remote closing experience that applies our customer-centric principles to an outdated system.

An eClose platform so intuitive, it doesn’t need an “e”

Through a single, cohesive experience, Blend Close provides all of the necessary functionality for Remote Online Notarization, eSign, generation and signing of eNote, and integration to an eVault.

Due to the paper-based history of mortgages, many of these terms have an “e” in front of them.  But if the loan closing process was designed from scratch today, it would serve the customer how they want to be served — in person, on the phone, or online. We’re reimagining the mortgage experience to meet customers wherever they are, whenever it’s convenient for them. Digital closing is just one piece of the larger puzzle and we don’t see a need to differentiate between the antiquated process and the closings of the future.

Blend Close recommends the best possible experience for each loan but also empowers consumers by giving them the ability to choose the closing option that they prefer. As new laws that affect mortgage lending come into effect, we will work to update Blend Close and help enable our lender partners to continue serving their customers.

Delivering an end-to-end digital mortgage solution

From application to close, Blend provides customers with a consistent digital experience. Across the purchase journey, our holistic solution allows for document reviews to occur in one dependable and familiar interface. Blend cuts many manual data gathering steps out of the process, allowing customers to complete applications more quickly and efficiently. And before remote closing appointments, customers are able to preview documents and get any questions answered through Blend’s educational resources. If extra assistance is ever needed, Blend’s Co-Pilot capabilities allow loan officers to jump in and help without disrupting the customer’s experience.

Beyond the standard fintech mortgage experience, Blend takes a holistic approach to the homebuying journey. In order to deliver a truly end-to-end digital mortgage, we’re working to bring automation to every key workflow, which includes the loan office, the processors, and the more broad stakeholders that take a loan all the way through to remote closing, such as insurance providers and appraisers. When customizing their offerings with Blend, lenders have the capability to offer borrowers a realtor connection or access to home insurance marketplace.   The end result aims to allow borrowers to complete the full mortgage process in one portal.

How Blend makes the single-platform mortgage process possible

In order to give consumers a holistic homebuying experience, Blend’s platform builds in collaborative integrations for the varying people and systems that need to plug into it. With out-of-the-box and custom integrations to many loan origination systems (LOS), Blend programmatically syncs closing details and automates the preparation of closing documents for  eSigning, which means fewer manual steps for lending teams.

In addition to the time from application to close being reduced, lenders also have the opportunity to use eNotes to decrease the delivery time to the secondary market (including to the GSEs) and expedite capital replenishment for a healthier balance sheet. Financial institutions using Blend have trimmed up to seven days from their loan cycle.

With a shorter loan cycle, better digital experience, and the ability to offer remote closing options, financial institutions can drive higher loan volume and increase revenue. Blend’s innovative automation increases the productivity of the loan cycle period and moves the process forward quickly and seamlessly — all the way through close.

Ready to learn more about the logistics of Blend Close? Discover the digital closing process of the future.