The $2 trillion mortgage market has long been awash in paperwork. Nima Ghamsari, Blend’s CEO, and his two cofounders, Erin Collard and Eugene Marinelli, are working to change that.
The five-year-old San Francisco firm is expected to announce its new customers Thursday along with a fresh $100 million fundraising round.
The HousingWire 2017 Tech100 Winner explained that through the app, LOs will have the ability to create a new loan directly from the Pipeline screen — all they need to do is enter the name and email of the primary borrower, and select a loan type.
Blend’s technology offers banks an easy upgrade, compliant with regulatory demands and far cheaper than the $7,000 or so that a paper-based mortgage origination typically costs.
Since launching five years ago, Blend has helped major financial institutions make lending decisions to consumers, in many cases narrowing the time it takes to close a mortgage by seven to 10 days.
For many large lenders, processing and creating mortgages costs a lot of money, explained Blend CEO Nima Ghamsari. In fact, he estimated that banks spend $7,000 per loan on labor cost and other details.