Blend Announces New Income Verification Product to Make More Proactive, Fairer Banking Decisions
SAN FRANCISCO– (BUSINESS WIRE) –To mix together (NYSE: BLND), a leader in cloud banking software, today announced the launch of Blend Income Verification, a new product for financial services companies that offers instant income verification for mortgages and, soon, consumer loans and opening deposit accounts. The new tool acts as a single source of income verification for all banking products and loan scenarios by combining multiple data sources and verification methods, allowing financial services companies to streamline credit risk assessments for all types. of consumers. More than 25 customers, including one of the five largest banks in the United States, American Federal Mortgage, Lennar Mortgage and IBC Mortgage have already subscribed to the product.
“Blend has always been committed to partnering with the financial services industry to simplify processes and expand its ability to serve more customers. With the boom in the economy of odd jobs and non-traditional work, income verification can be a barrier for many consumers to access financial services despite a strong loan repayment capacity, ”said Nima Ghamsari, co-founder and director of Blend. “With Blend Income Verification, banking teams can confidently verify a consumer’s income in real time without the need to enter data or download documents. It really is the easiest button to verify a consumer’s income.
Traditional methods of income verification require consumers to submit various forms of documents, including pay stubs, W2 forms, and income tax returns, in order to determine a consumer’s ability to repay a loan. The data in these documents must then be manually extracted and reviewed, which can lengthen approvals and cause delays. With the new income verification product, Blend customers will be able to significantly reduce processing and underwriting work by pre-populating loan applications with verified payroll, tax, and asset data directly from them. data service providers.
Blend Income Verification is an authorized reporting provider for Fannie Mae’s Desktop Underwriter® (OF®) and Freddie Mac’s Asset and Income Modeler (AIM), making it easy for financial services companies to take advantage of these programs for the mortgages they manage through Blend. Additionally, the product will be fully integrated with Blend’s cloud-based banking platform, allowing customers to quickly activate and configure new revenue verification capabilities for all products.
Blend Income Verification is currently available for Blend’s mortgage product and will soon expand to all of the company’s consumer banking offerings.
For more information on mixed and mixed income verification, please visit blend.com.
About the mixture
Blend’s cloud-based banking platform is designed to power the end-to-end customer journey for any banking product, from app to close. Our technology is used by Wells Fargo, US Bank and more than 310 other financial services companies to acquire more customers, increase productivity and deepen relationships. Through our software, we enable our clients to process an average of over $ 5 billion in loans per day, helping consumers get into their homes and access the capital they need to lead better lives. To learn more, visit blend.com.
Sarah Frueh – [email protected]