Singapore markets closed
  • Straits Times Index

    3,166.27
    -55.25 (-1.72%)
     
  • Nikkei

    28,751.62
    -747.66 (-2.53%)
     
  • Hang Seng

    24,080.52
    -659.64 (-2.67%)
     
  • FTSE 100

    7,044.03
    -266.34 (-3.64%)
     
  • BTC-USD

    54,400.82
    -2,606.89 (-4.57%)
     
  • CMC Crypto 200

    1,365.60
    -89.82 (-6.17%)
     
  • S&P 500

    4,594.62
    -106.84 (-2.27%)
     
  • Dow

    34,899.34
    -905.04 (-2.53%)
     
  • Nasdaq

    15,491.66
    -353.57 (-2.23%)
     
  • Gold

    1,785.50
    +1.20 (+0.07%)
     
  • Crude Oil

    68.15
    -10.24 (-13.06%)
     
  • 10-Yr Bond

    1.4820
    -0.1630 (-9.91%)
     
  • FTSE Bursa Malaysia

    1,512.22
    -5.38 (-0.35%)
     
  • Jakarta Composite Index

    6,561.55
    -137.79 (-2.06%)
     
  • PSE Index

    7,278.44
    -90.83 (-1.23%)
     

Blend Announces New Income Verification Product to Drive More Proactive and Equitable Banking Decisions

  • Oops!
    Something went wrong.
    Please try again later.
·3-min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

SAN FRANCISCO, October 20, 2021--(BUSINESS WIRE)--Blend (NYSE: BLND), a leader in cloud banking software, today announced the launch of Blend Income Verification, a new product for financial services firms that delivers instant income verification for mortgages and, soon, consumer loans and deposit account opening. The new tool acts as a single income verification provider across banking products and lending scenarios by combining multiple data sources and verification methods, enabling financial services firms to streamline credit risk assessments for all types of consumers. Over 25 customers, including one of the five largest banks in the U.S., American Federal Mortgage, Lennar Mortgage, and IBC Mortgage have already signed on for 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 rise in gig economy and non-traditional work, income verification can be an obstacle for many consumers to gain access to financial services despite a strong ability to repay loans," said Nima Ghamsari, co-founder and head of Blend. "Through Blend Income Verification, banking teams can confidently verify a consumer’s income in real-time without requiring time-consuming data entry or document uploads. It’s really the easy button for verifying a consumer’s income."

Traditional methods of income verification require consumers to submit various forms of documentation, including pay stubs, W2s, and tax returns, to determine a consumer’s ability to pay back a loan. Data from these documents must then be manually extracted and reviewed, which can prolong approvals and lead to 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 sourced directly from data service providers.

Blend Income Verification is an authorized report supplier for both Fannie Mae’s Desktop Underwriter® (DU®) validation service and Freddie Mac’s asset and income modeler (AIM), allowing financial services firms to easily take advantage of these programs for mortgages they manage through Blend. Additionally, the product will be fully integrated into Blend’s cloud banking platform, enabling customers to rapidly activate and configure the new income verification capabilities across products.

Blend Income Verification is currently available for Blend’s mortgage product, and will soon scale to all the company’s consumer banking offerings.

For more information on Blend and Blend Income Verification, please visit blend.com.

About Blend

Blend’s cloud banking platform is designed to power the end-to-end consumer journey for any banking product, from application to close. Our technology is used by Wells Fargo, U.S. Bank, and over 310 other financial services firms to acquire more customers, increase productivity, and deepen relationships. Through our software, we enable our customers to process an average of more than $5 billion in loans per day, helping consumers get into homes and gain access to the capital they need to lead better lives. To learn more, visit blend.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211020005165/en/

Contacts

Sarah Frueh – press@blend.com

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting