“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.
“Financial institutions know they can’t build everything themselves,” Ghamsari said. “There’s been more of an equilibrium where the banks and fintechs are working together, and will accelerate the pace of innovation.”
Executives said the move to homeowners’ insurance is a natural extension of the mortgage business. Buyers often need proof of insurance to close a home loan. With this new product, consumers will be able to streamline that process rather than going to several different websites and filling out duplicate information.
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.
Lennar plans to begin using mortgage-application technology from Blend, a San Francisco-based startup, that allows consumers to apply for a mortgage online or on their phone. Executives say that the technology can shave as many as 10 days off the process of applying for a mortgage.
Blend, a Silicon Valley technology company propelling the consumer lending industry into the digital age, announced it became the first end-to-end platform to be approved to provide asset verification reports for Fannie’s Desktop Underwriter.
Nima Ghamsari, Blend’s co-founder and chief executive officer, discusses the broader trends in the U.S. housing market and how the company is streamlining the mortgage process.
The five-year-old San Francisco firm is expected to announce its new customers Thursday along with a fresh $100 million fundraising round.