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/
About Blend
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.
Forward Looking Disclaimer
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements generally relate to future events, future performance or expectations and involve substantial risks and uncertainties. Forward-looking statements in this press release may include, but are not limited to, our expectations regarding our product roadmap, future products/features, the timing of new product/feature introductions, market size and growth opportunities, macroeconomics and industry conditions, capital expenditures, plans for future operations, competitive position, technological capabilities and strategic relationships. The forward-looking statements contained in this press release are subject to risks and uncertainties that could cause actual outcomes to differ materially from the outcomes predicted. Further information on these risks and uncertainties are set forth in our filings with the Securities and Exchange Commission. All forward-looking statements in this press release are based on information available to Blend and assumptions and beliefs as of the date hereof. Except as required by law, Blend does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.
1 According to a Blend-commissioned study by Marketwise Advisors
2 https://fred.stlouisfed.org/series/OEHRENWBSHNO
3 https://www.newyorkfed.org/newsevents/news/research/2022/20220802
