How Blend redefines the end-to-end mortgage

The mortgage process can be tedious for both borrowers and loan teams, so it’s critical to have the right tools to navigate it. Blend can make a powerful difference. Unlike a lending point solution, which improves functionality in one or two areas of the mortgage process, Blend’s cloud banking platform transforms the entire mortgage experience — for every party involved.

Our vision is to bring more simplicity and transparency to financial services, particularly mortgages. When Blend was born, we sought to turn a complicated, often burdensome process into a seamless — even delightful — experience. Now, with clear workflows for consumers and lenders, Blend provides upgrades across the complete, multi-step mortgage journey.

“The partnership with Blend has allowed us to significantly accelerate our time to market with industry-leading customer experience,” said an executive at a top five bank in the US. “Leveraging Blend’s dynamic online application, data services, and customer connectivity allows us to focus on our strengths as a trusted advisor offering a broad range of products to help customers achieve their homeownership goals.”

Here’s how Blend drives impressive results for consumers and loan teams.

Blend reduces the hassle of the mortgage process for consumers. Instead of filling out forms on one platform and signing documents on another, borrowers can access a single portal from application to close.

“Fifty-five percent of home buyers start their mortgage financing search online, and it is very important for lenders to present a consistent experience throughout the loan application process,” said a development manager at a fintech.

The Mortgage Suite’s intuitive interface makes it easy for consumers to complete applications, view next steps in the process, and prepare for closing. “There is a lot less confusion around ‘what do I do for my closing’ because the borrowers have interacted with the Blend portal the entire time,” said Andrew McElroy, senior vice president at American Federal Mortgage. “Now they’re just going there to sign the closing documents. It’s very self-explanatory to the borrower.”

Communication is also more straightforward. Borrowers can correspond with their loan officers directly through the Blend platform, getting guidance and support at any time of day. “The consistent theme we’ve received from member surveys has been communication. Negative feedback from communication gaps has come to a near complete halt [thanks to Blend],” said Dan von Schaumburg, director of client relations at Affinity Credit Union.

Blend enables loan teams to become even more efficient in their roles. By transferring the key workflows to a single platform with a corresponding mobile app, loan officers can use one convenient workspace for tasks including running borrower credit, generating pre-approval letters, and sharing estimated closing costs. Features like automated verifications and lead captures help increase efficiency and reduce dependency on loan origination systems.

“Blend has some of the best tools for both originators and for processors,” said Ruth Green, executive vice president and COO at PRMI.

With the LO Toolkit, loan teams can better support borrowers by creating loan scenario comparisons and matching them with products that fit their needs. Plus, they can save time on everyday tasks, like sending follow-up emails and inputting data.

“Prior to Blend, we had a very long application process that wasn’t intuitive and easy for our bankers to navigate, and took 45 minutes to complete,” said Tom Parrish, head of retail lending product management, at BMO Harris Bank.

Blend helps minimize manual work, giving loan officers more time to connect with borrowers one on one. “Behind the scenes, this is critical because it allows our loan officers to be more consultative and work more closely with customers on actual solutions,” said Mary Beth Balzli, president and CEO at Synovus Mortgage Corp.

Ultimately, Blend’s technology supports lending teams in doing what they do best: guiding borrowers through the mortgage journey with knowledge and compassion.

“Important in our selection process was choosing a technology partner who understood our vision for taking the burden out of the mortgage process so our team of mortgage professionals can focus on understanding and meeting our customers’ needs,” said an executive at a top five bank in the US.

Blend’s versatile offerings can help financial institutions improve their bottom line. Here’s how, according to a recent study:

• Lowering the cost of loan origination: By streamlining the digital application process, automating document verification and email follow-ups, and facilitating borrower communication, lending teams can work more efficiently and save time.
• Reducing loan cycle times: Features like data analysis and asset connectivity can help speed up the loan cycle by an average of 7.3 days.
• Accommodating higher loan volume: Blend’s technology can help loan teams serve more borrowers efficiently. Despite an average volume increase of 54% during the recent refi boom, survey respondents only needed 27% more staff to handle the change.

By ramping up efficiency and saving on labor costs, Blend’s survey respondents saw an average ROI of up to $824 per loan.

Using one intuitive platform from application to close enhances the mortgage experience for consumers and loan teams alike. With mortgage software, home equity applications, and digital closings, your organization can save time, money, and headaches — all while giving borrowers a smoother path to homeownership.