CNBC’s Hugh Son and Nima Ghamsari of Blend joins ‘The Exchange’ to discuss how Blend is an example for the future of home equity loans.
Former Fannie Mae CEO Tim Mayopoulos was recently named president of Blend, which counts two of the nation’s largest mortgage providers, Wells Fargo and U.S. Bank, among its growing number of customers.
Tim Mayopoulos, former CEO of Fannie Mae and president of digital lending company Blend, discusses a government bill proposed to privatize Fannie Mae and Freddie Mac again.
Former Fannie Mae chief Timothy Mayopoulos is joining mortgage-software startup Blend Labs Inc., becoming one of the highest-profile executives to jump into the financial-technology sector.
“We should use data and we should use the ability to find trusted sources of information, like direct deposit streams, like payroll provided directly from employers’ databases, so that the consumer isn’t providing that information that can be altered or doctored.”
This technology can lower costs of travel and document production for consumers and decrease the amount of time from application to the close of a mortgage by around 25%, said Mack, the Senior Executive Vice President and Head of Community Banking and Consumer Lending at Wells Fargo.
Data analyzed by Blend Intelligence includes information from loans on Blend’s platform. Thecompany, which was founded in 2012, has collected more than $150 billion in loan applicationsin 2018. It has more than 120 customers.
Blend, a San Francisco-based startup that partners with big banks to re-imagine the mortgage borrowing experience, today announced plans to open a marketplace for home finance innovation. Like an app store, the new Blend Marketplace invites companies that service the mortgage industry to sell digital tools through its platform.