SAN FRANCISCO--(BUSINESS WIRE)--Blend, a leading provider of cloud banking software, announced today Instant Home Equity, an automated end-to-end digital home equity product for lenders. The comprehensive solution integrates income and identity verification, title, decisioning, property appraisal, and notarization to achieve unprecedented time and cost savings. Lenders using the Blend Instant Home Equity product can present borrowers with a personalized offer that can be instantly approved and then closed in just a few days, versus the multiple weeks it typically takes through legacy home equity processes.
Blend Instant Home Equity will integrate a number of recent enhancements to the company’s mortgage suite, including Blend Income Verification and Blend’s remote online notarization platform. It builds on previous home equity functionality that had already allowed existing staff to accommodate potentially 33% more volume, leading to savings of five days and $249 per loan.1
“We are thrilled to introduce our revolutionary Instant Home Equity product into the marketplace as we see more people staying in their homes and building wealth,” said Nima Ghamsari, Head of Blend. “Leveraging all that we’ve built on the Blend platform—for both Mortgage and Consumer Banking solutions–we’re able to deliver an instant home equity experience to help our customers ensure a seamless experience for applicants, grow their home equity businesses, and reduce costs to originate in a challenging marketplace.”
Blend Instant Home Equity is the latest innovation to help lenders rapidly adapt their businesses in line with shifting consumer expectations and the broader mortgage market. Despite recent downturns in the mortgage origination market, Americans’ tappable home equity surged in the first quarter of 2022 to an all-time-record $27.8 trillion.2 As inflation and rising costs squeeze American households, home equity loans and home equity lines of credit can be a debt-consolidation option or a cost-effective alternative to credit card debt—which typically has a much higher interest rate and increased last quarter at a rate not seen in over 20 years.3
For more information on Instant Home Equity, please visit https://blend.com/products/consumer-banking-suite/home-equity/
Blend is the infrastructure powering the future of banking. Financial providers — from large banks, fintechs, and credit unions to community and independent mortgage banks — use Blend’s platform to transform banking experiences for their customers. Blend powers billions of dollars in financial transactions every day. To learn more, visit blend.com.
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1 According to a Blend-commissioned study by Marketwise Advisors