Key Takeaways:
– Mortgage tech firm Blend has launched a lower-cost version of its mortgage suite for retail independent mortgage banks
– The offering, called Blend IMB Essentials, includes many of the same features as the standard offering for mortgage lenders
– Blend IMB Essentials streamlines the application process and allows for the pulling of soft credits instead of tri-merge credits during the initial phase
– The product also includes a mobile application for loan officers on-the-go
– Blend integrates with common loan origination systems, pricing engines, and other key systems
– In September, Blend added an assets-derived income capability to its existing “Blend Income” product, providing additional ways to verify income sources earlier in the application process.
HousingWire:
Mortgage tech firm Blend has launched a lower-cost version of its mortgage suite for retail independent mortgage banks, the company announced this week.
This offering, called Blend IMB Essentials, includes many of the same features of its standard offering for mortgage lenders.
Blend IMB Essentials will streamline the application process, will facilitate pulling soft credits instead of tri-merge credits during the initial phase of application. It will also serve loan officers on-the-go with a mobile application, Nima Ghamsari, C.E.O of Blend told HousingWire.
“The mortgage market is grappling with the effects of high interest rates, home affordability, and low inventory, so reducing costs is top of mind for everyone,” Ghamsari said in a prepared statement. “Retail IMBs have helped build Blend into what it is today and we stand by the industry during this time. We will make sure every loan officer can offer the best possible borrower experience while also being able to conveniently manage their pipeline on the go with the LO Mobile App.”
Additionally, Blend integrates with the most common loan origination systems, pricing engines, as well as other key systems.
Earlier in September, Blend added an assets-derived income capability to its existing “Blend Income” product. This enhancement gives lenders “additional ways to verify more income sources far earlier in the application process than traditionally feasible,” HousingWire reported.
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Property Chomp’s Take:
Hey there, have you heard about Blend’s latest offering for mortgage banks? It’s called Blend IMB Essentials, and it’s designed to provide a lower-cost version of their mortgage suite specifically for retail independent mortgage banks. How cool is that?
This new offering includes many of the same features as their standard offering for mortgage lenders. One of its main benefits is that it streamlines the application process, making it much easier and more efficient for both borrowers and loan officers. Plus, instead of pulling tri-merge credits during the initial phase of the application, Blend IMB Essentials facilitates pulling soft credits, which is a nice perk.
But wait, there’s more! Blend IMB Essentials also comes with a mobile application that loan officers can use on-the-go. This means they can conveniently manage their pipeline and stay connected with borrowers wherever they are. Talk about convenience!
Nima Ghamsari, the CEO of Blend, understands the challenges that the mortgage market is currently facing. With high interest rates, home affordability concerns, and low inventory, reducing costs has become a top priority for everyone involved. Blend stands by the industry during this time and aims to provide the best possible borrower experience while also helping loan officers effectively manage their workload.
Blend doesn’t stop there. They also integrate with the most common loan origination systems, pricing engines, and other key systems. This means that Blend IMB Essentials seamlessly fits into existing infrastructures, making it even more convenient for mortgage banks to adopt this new offering.
And let’s not forget about Blend’s recent enhancement to their “Blend Income” product. In September, they added an assets-derived income capability, allowing lenders to verify more income sources much earlier in the application process. This is a game-changer, as it provides lenders with additional ways to assess borrower income, making the process more inclusive and efficient.
Overall, Blend IMB Essentials is a fantastic solution for retail independent mortgage banks. It offers a cost-effective option without compromising on the essential features that make Blend’s mortgage suite so popular. With Blend’s commitment to providing the best borrower experience and their constant drive to innovate, it’s clear that they are dedicated to helping the mortgage industry thrive.
So, if you’re a retail independent mortgage bank looking for a more affordable mortgage suite that doesn’t skimp on quality, Blend IMB Essentials might just be the perfect fit for you. Give it a try and see how it can revolutionize your lending process.
