SAN FRANCISCO--(BUSINESS WIRE)--Blend, a leading provider of cloud banking software, announced today that Mountain America Credit Union selected its Instant Home Equity solution to provide members access to a fully digital end-to-end home equity product that dramatically cuts down loan application approval times.
When deployed, the new product offers Mountain America members a digitally transformed home equity process with simplified approvals. The new home equity process, now fully digital, significantly shrinks loan applicants’ time waiting to close (from what could potentially take four to six weeks) to just a few days.
Officially known as Blend’s Instant Home Equity, the product integrates automated income and identity verification, instant title, real-time decisioning, property appraisal and remote online notarization to achieve substantial time and cost savings for both lenders and borrowers. By digitizing the home equity process, the new service aims to increase customer satisfaction and home equity line of credit (HELOC) utilization.
“Our focus is always on our members and providing with the financial resources that help them define and achieve their financial dreams,” said Amy Moser, senior vice president and chief lending officer at Mountain America. “Working with Blend supports our prioritization of identifying ways to provide our members with personalized financial experiences in the context of home equity lending that help us achieve our goals and provide an outstanding member experience.”
Instant Home Equity enables Mountain America to access a HELOC market that continues to surge even as purchase mortgages and refinances wane. In the first half of 2022, HELOC lending activity rose to its highest level in 15 years.
“Mountain America is a longstanding partner that we’ve worked extensively with on delivering mortgage and consumer-banking products powered by the Blend platform, and we’re excited to be able to continue to do so in a new area of product innovation,” said Erik Wrobel, head of product at Blend. “We are pleased to be trusted with playing an integral role to help fulfill Mountain America’s mission to provide their members with the easiest, most streamlined financial experiences, through our work in automating the home equity origination process.”
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.
About Mountain America Credit Union
With more than one million members and $15.9 billion in assets, Mountain America Credit Union helps its members define and achieve their financial dreams. Mountain America provides consumers and businesses with a variety of convenient, flexible products and services, as well as sound, timely advice. Members enjoy access to secure, cutting-edge mobile-banking technology; 100 branches across six states; and more than 50,000 surcharge-free ATMs. Mountain America—guiding you forward. Learn more at macu.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. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “would,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other comparable terminology that concern Blend’s expectations, strategy, plans or intentions. You should not put undue reliance on any forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by which such performance or results will be achieved, if at all. 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. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this press release. 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.
