Upgrade the mortgage underwriting process with automation | Blend

How to upgrade the mortgage underwriting process with automation

Transform key workflows for loan officers, processors, and broader stakeholders with a modern mortgage automation platform.

The mortgage underwriting process is purposefully designed to be measured and careful. Assessing every borrower’s creditworthiness, verifying personal information, and making a determination on their ability to repay can be a time-consuming and resource-intensive task.

While many lenders have modernized parts of their mortgage loan system with varying levels of digital transformation, verification is often still completed manually. But there is a better way. It is possible to maintain rigorous control of processes while freeing human time for higher value-add activities.

For example, if an organization is using a digital application without intelligent processing, a consumer can upload documents electronically but the system is not able to identify or analyze those materials. Utilizing automation and AI to upgrade the mortgage underwriting process lowers costs and accelerates processing.

A cloud banking platform allows financial institutions to deliver best-in-class service by integrating automation technology into existing processes. Blend’s innovative approach to mortgage technology empowers lending teams with tools to increase verification agility while also providing an unparalleled consumer experience.

Blend’s mortgage software streamlines workflows to shorten cycle time — this partner reduced their loan cycle time by 28% using automated conditioning. By eliminating unnecessary manual steps, Blend gives lenders time to focus on building customer relationships with meaningful conversations.

How Blend’s cloud banking platform upgrades the mortgage processing and underwriting process

Our platform streamlines the mortgage underwriting process for any organization with the Borrower Portal, Blend Intelligence, and automated lender follow-ups.

Seamlessly collect documents with the cohesive Borrower Portal

Our Borrower Portal gives consumers easy access to their loan status and outstanding tasks. It allows consumers to connect directly to their asset and payroll accounts, therefore eliminating the manual step of requesting and receiving bank statements.

In the Borrower Portal, applicants can also complete necessary conditions through our mobile document upload and e-sign tools. Providing consumers with transparency and a central portal for tasks makes them feel more confident in the process and less likely to distract the lending team with unnecessary questions.

Accelerate mortgage underwriting process workflows with Blend Intelligence

Our mortgage software harnesses the power of machine intelligence to deliver powerful results. Blend Intelligence analyzes applicant data and documents to automatically flag issues and surface them at the time of application. For example, if a borrower uploads their W2 from 2007, the platform recognizes that the document is out of date and prompts the borrower for the most recent version.

Based on the answers provided in the application, our platform proactively asks borrowers for corresponding information. One example of how this is a difference-maker is when a borrower is receiving a cash gift from a relative to help with their loan (a down payment, for instance). These cases do not usually show up on an application, which means the dynamic is often not discovered by the lender until the mortgage underwriting process, causing hiccups in the process.

When an application’s input indicates the borrower is receiving a gift, the platform prompts the borrower to send the letter of explanation request to the person giving the gift. Automating small tasks like this during the application process allows your team to be sure they’ll have a more complete file earlier in the process.

Replace manual touchpoints with automated lender follow-ups

Our customizable, automated follow-ups prompt the borrower to complete tasks based on the information they provided in the application. With a single dashboard for loan teams, our platform improves team collaboration and borrower communication. While managing borrower requests, loan teams can create custom and templated needs lists in the dashboard.

With a proactive approach and intelligent automation, Blend’s technology delivers endless efficiencies and fewer manual touchpoints for your loan teams. Our partners see their average loan cycle trimmed by as many as seven days. A faster process is a win-win for borrowers and lending teams; it allows borrowers to close faster and allows loan officers to spend more time building meaningful relationships with their clients.

Creating a more complete applicant file earlier in the process has additional benefits for lenders looking to drive mortgage loan volume. Since Blend Intelligence enables users to address many conditions on the same day they submit an application, they’re far more likely to complete the process and ultimately close with your organization. Our cloud banking platform gives lenders time to focus on more impactful work and ensures a seamless customer experience.