Blend Launches Revolutionary Automated Instant Real Estate Capital Product
SAN FRANCISCO–(BUSINESS WIRE)–Blend, a leading provider of cloud banking software, today announced Instant Home Equity, an end-to-end automated digital product for lenders. The complete solution integrates income and identity verification, title, decision-making, property valuation 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 days, compared to the several weeks it typically takes with legacy home equity processes.
Blend Instant Home Equity will incorporate 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 the previous home equity feature that had already enabled existing staff to potentially accommodate 33% more volume, saving five days and $249 per loan.1
“We are excited to introduce our revolutionary Instant Home Equity product to the market as we see more and more people staying in their homes and building wealth,” said Nima Ghamsari, Head of Blend. “By leveraging everything we’ve built on the Blend platform – for mortgage and retail banking solutions – we’re able to deliver an instant home equity experience to help our clients secure a seamless experience for candidates, to grow their home equity business and reduce costs to come from a tough market.
Blend Instant Home Equity is the latest innovation to help lenders quickly adapt their business to changing consumer expectations and the mortgage market in general. Despite recent downturns in the mortgage market, Americans’ exploitable home equity jumped in the first quarter of 2022 to a 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 has usually a much higher interest rate and increased last quarter to 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 the mix
Blend is the infrastructure that powers the future of banking. Financial service providers – from large banks, fintechs and credit unions to community and independent mortgage banks – are using Blend’s platform to transform their customers’ banking experiences. Blend powers billions of dollars in financial transactions every day. To learn more, visit blend.com.
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, timing of new product/feature introductions, market size and growth opportunities, macroeconomics and industry conditions, capital expenditures, plans for future operations, competitive position, technology capabilities and strategic relationships. The forward-looking statements contained in this press release are subject to risks and uncertainties that could cause actual results to differ materially from anticipated results. Further information about these risks and uncertainties is set forth in our filings with the Securities and Exchange Commission. All forward-looking statements contained in this press release are based on information available to Blend and on assumptions and beliefs as of the date hereof. Except as required by law, Blend undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.
1 According to a commission from Blend study by Marketwise Advisors