The power of a single platform: Integrating eClosing | Blend
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June 5, 2021 in Mortgage Suite

4 minutes

The power of a single platform: Now integrating eClosing for a seamless and efficient customer experience

Become the lender of choice with a closing solution merged into your entire mortgage experience.

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Mortgage technologies can be fragmented, loosely integrated, and create disparate workflows for teams and confusing experiences for borrowers — and closing solutions are no exception. When closing is integrated into the same experience the borrower applied through, uploaded documents to, and signed their disclosures in, there’s an opportunity to reap additional benefits.

With Blend, one platform for the entirety of the end-to-end mortgage replaces siloed point solutions, enabling you to become the lender of choice while powering productivity. Blend Close, an integrated offering built into our end-to-end Mortgage Suite, gives lenders new levels of simplicity, efficiency, and ROI — all while ensuring a seamless customer experience with the best possible closing option for each individual loan. And it’s not just good news for borrowers and closing teams. Instead of working across disjointed systems, settlement agents can work smoothly within one dedicated interface.

Improve the eClosing process

When we set out to develop an eClosing solution, we applied the same principles we utilized in our quest to simplify the manual, expensive, and confusing mortgage process. We leverage data over documents, simplify workflows for borrowers, loan teams, and settlement agents, and drive cost and time savings. This holistic approach leads to efficiency and optionality for the lender at every step, including closing.

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Thanks to reductions in errors and missing or lost notes and the ability for loan teams to answer borrower questions before the closing appointment, lenders are able to close on time with Blend Close. Equipping users with a portal that all parties can collaborate in, a RON eligibility check, a signing room, real-time document status and preview, pre-signing options, and in-app appointment scheduling allows loan teams to usher borrowers to a coordinated signing process.

But that’s not where the efficiency stops. The secondary sales cycle, a notoriously laborious and expensive time, is compressed, giving lenders more flexibility of choice around their secondary market strategy. Automated post close validations and RON audit checks prevent missing signatures, dates, and documents, which reduces post-close QA and accelerates post-close secondary market delivery times. This provides greater flexibility that allows lenders to manage their secondary market financial strategies.

Become the lender of choice

Blend Close is one key part of the mortgage journey, a process we think about holistically. We’re continuously innovating each step within the context of the overall experience, making for a seamless customer journey from application to closing.

Keeping borrowers in the same platform for the entirety of the mortgage process increases the chance of a consistently great experience and reduces the stress and confusion that shuffling borrowers through multiple interfaces can cause. With one account to log into, borrowers are able to ask questions and receive answers in the same place they began their mortgage application in. Effective communication is easy when all parties involved in the process are interacting within one portal.

The added benefit of on-time closings and fewer document errors make for a positive final touchpoint for borrowers. According to MortgageSAT’s National Benchmark data, when a borrower finds inaccuracies on their closing documents, there is a drop in Net Promoter Score of 81 points.

Since close is the last step in the mortgage journey, risking a negative final impression with new portals or systems to sign into, a delayed closing, errors, or unanswered questions can damage what could otherwise be a lasting relationship. With Blend Close, you can end on a high note.

Adapt Blend Close rapidly and successfully

When it comes to rolling out eClosing, our comprehensive implementation plan includes the proven resources needed for your success. Minimal time commitment from you and extensive support from your Blend Team enables you to adapt Blend Close into your mortgage journey quickly and easily.

It’s simple for settlement agents to adopt our eClosing solution, as it was built with their workflows in mind. Blend Workspace for Settlement Agents streamlines sending and receiving documents, managing closing ceremonies, and reviewing instructions. In fact, more than 33,000 settlement agents at over 9,500 agencies use Blend Close, a 10 times year-over-year increase between March 2021 and March 2022.

With an already trusted partner and an eClosing solution on the same platform as our Mortgage Suite, your onboarding and time-to-value is quick, and you can realize a cumulative ROI of $962 per loan.

Power your experience with one platform

More customers are now seeing an end-to-end mortgage journey as a requirement rather than an option. Close is the final point of contact, so it’s no wonder that many lenders — more than 135 — have signed on to offer their customers an eClosing experience through Blend.

With eClosing integrated into your mortgage process, borrowers, settlement agents, and loan teams collaborate within one platform, making for an easier, comprehensive process that is simpler for all.

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