Blend Launches Three New eClosing Offerings
April 26 2022 - 9:00AM
Business Wire
Blend, a leading cloud banking provider, today announced the
availability of three new eClosing products to provide borrowers
with a fully online mortgage closing experience, in addition to
helping lenders compete by shortening closing cycles and lowering
error rates. The new solutions include Blend eVault, a repository
of electronic promissory notes available through the platform;
Blend Signing Room, Blend’s remote online notarization (RON)
solution; and Blend RON Eligibility Engine, which provides
RON-eligibility information.
In an increasingly competitive lending environment, the three
new offerings build upon the industry-leading end-to-end Blend
Close solution to provide lenders with advanced digital capability,
which can lead to accelerated pre- and post-closing cycle times and
reduced overhead:
- Blend eVault – Functionality within the Blend platform to
generate, sign, and register MISMO® eNotes with MERS®, improving
data quality while simultaneously expediting the delivery of notes
into the secondary market at a reduced time and lower cost.
- Blend Signing Room – Blend Signing Room is a streamlined RON
platform that enables Blend Close customers to participate in fully
digital closings, integrated directly into the borrower app.
Borrowers get a unified and consistent experience from end to end,
using the same Blend login credentials to activate the signing
ceremony.
- Blend RON Eligibility Engine – This new feature immediately
flags applications so that staff can see, at a glance, key
RON-eligibility information on each loan. With a patchwork of
disparate RON requirements across states and reporting
jurisdictions, layered atop underwriter policies, it can be
difficult to determine whether a particular loan is eligible to be
notarized remotely.
“The last two years have underscored the essential need for
lenders to have a completely digital end-to-end mortgage solution,”
said Nima Ghamsari, Head of Blend. “With these three new offerings,
Blend Close now offers tremendous capability to provide a truly
seamless digital experience to consumers, while passing on cost and
time savings for lenders.”
Blend Close–Blend’s digital closing solution for mortgage and
home equity products–has been adopted by over 135 lenders, and
those that transition from a hybrid process to a full eClosing
solution with RON can save up to hundreds of dollars and almost an
hour per loan (according to a recent third-party study). More than
33,000 settlement agents and 9,500 title agencies use Blend Close.
To learn more about Blend Close, please visit
https://blend.com/products/mortgage-suite/close/.
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 Statements
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, plans for future operations, competitive position,
technological capabilities, and strategic relationships, as well as
assumptions relating to the foregoing. 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. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220426005390/en/
Gene Kim - press@blend.com
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