Blend Expands Deep Verification Capabilities to Drive Speed and Improve Borrower Experience for Lenders
MWN-AI** Summary
Blend Labs, Inc. (NYSE: BLND) has announced significant enhancements to its Verification of Income (VOI) and Verification of Assets (VOA) services, aiming to streamline the home lending process and improve borrower experiences. This expansion, in collaboration with Truework, introduces Smart Outreach—a manual solution that allows for automated verification of non-instant cases, minimizing the need for loan officers to contact employers directly. This improvement not only boosts productivity but also speeds up the verification process while maintaining accuracy.
Furthermore, Blend has introduced Supplemental Asset Reports, which facilitate compliance with the 10-day Pre-Closing Verification of Employment (VOE) guideline without relying on cumbersome manual documentation. This electronic data approach enhances the verification process, instilling greater confidence in closing timelines.
According to Nima Ghamsari, Blend’s co-founder and head, these advancements demonstrate Blend's commitment to delivering top-tier products that alleviate the technical burdens of their clients. By significantly reducing turnaround times—55% of VOIE reports are completed in under 24 hours, with 87% finished in 72 hours or less—Blend emphasizes the importance of speed and transparency in home lending. Research indicates that a lender's reputation for customer service is as critical as competitive rates, with delays adversely affecting borrower satisfaction.
These developments are particularly crucial in a landscape where borrowers often possess mixed income sources and non-traditional earnings. The enhancements in VOIE and VOA processes not only reduce friction for lenders but also improve operational efficiency, showcasing Blend’s commitment to continuous innovation in the mortgage lending sector. Overall, these improvements position Blend as a key player in digital banking solutions, catering to the evolving needs of the financial services market.
MWN-AI** Analysis
Blend Labs, Inc. (NYSE: BLND) has recently expanded its Verification of Income and Verification of Assets capabilities, a strategic move likely to enhance its competitive edge in the rapidly evolving digital mortgage space. This expansion, particularly through partnerships with Truework, aims to drive efficiency in home lending origination by streamlining processes that are traditionally paper-heavy and time-consuming.
For lenders, the implementation of Blend’s enhanced Verification of Income and Employment (VOIE) and Supplemental Asset Reports can significantly reduce operational friction. By automating non-instant verifications and minimizing manual outreach, Blend helps lenders save valuable hours, improving productivity and allowing teams to focus on more critical areas of loan origination. The capability to turn around 55% of reports in under 24 hours is a notable selling point, especially considering that customer experience is increasingly tied to timeliness in mortgage processes.
The market's focus on borrower experience is underscored by findings from McKinsey and Gitnux, indicating that lenders with seamless operations are more likely to retain clients and close deals efficiently. Given that speed and transparency are paramount, Blend’s innovations position it favorably to capitalize on the growing demand for streamlined digital solutions in finance, especially as more borrowers present diverse income sources.
Investors should monitor Blend’s progress closely—its commitment to innovation and partnerships may present an appreciating asset in a market where customer service and operational efficiency are crucial. However, prospective stakeholders should remain cautious of the general market conditions and potential risks outlined in their forward-looking statements. Continued emphasis on technological adaptations in the mortgage sector could herald significant growth opportunities for Blend, presenting both promise and risks in the investor landscape.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
Best-in-class Verification of Income and Verification of Assets help lenders streamline home lending originations and remove friction for borrowers.
Blend Labs, Inc. (NYSE: BLND), a leading digital origination platform for banks, credit unions, and mortgage lenders, today announced the expansion of its Verification of Income capability, powered by a partnership with Truework . The company also announced the addition of supplemental asset reports to verify borrower employment during the pre-close verification process, expanding the benefits of its Verification of Assets solution for mortgage lenders.
Verification of Income and Employment
Blend enhanced its Verification of Income and Employment (VOIE) offering, powered by Truework, by adding a manual solution called Smart Outreach. Truework’s Smart Outreach verification provides an automated approach to non-instant verifications, eliminating manual workflows. This reduces the need for loan officers and processors to call or email employers directly to verify income and employment for a borrower, unlocking hours of productivity each week in mortgage operations.
Verification of Assets
In addition to expanded VOIE capabilities, Blend introduced Supplemental Asset Reports, which helps lenders satisfy the 10-day Pre-Closing Verification of Employment (VOE) guideline without manual VOE documentation. Supplemental asset verification for employment streamlines the process by using electronic data rather than manual, paper-based verification, increasing confidence in clear to close and closing dates.
“Expanding Verification of Income and Verification of Assets capabilities is another demonstration of how Blend is dedicated to delivering best-in-class products while shouldering the tech lift so our clients experience only the value,” said Nima Ghamsari, co-founder and Head of Blend. “We have built an offering that’s an appreciating asset, and I am proud of the focused, disciplined investments into partnerships, workflows, and products such as VOI and VOA that accelerate Blend customers’ pace of innovation in mortgage lending.”
A lender’s reputation for exceptional customer experience ranks as high to borrowers as getting the best rate, according to a McKinsey study, and a Gitnux report shows customer satisfaction drops by 10 points for every delay beyond the original closing estimate. In mortgage lending, speed and transparency are especially critical. With Blend’s VOIE process, 55% of reports are turned around in under 24 hours, and 87% of reports are completed in 72 hours or less, helping lenders keep mortgage borrowers on track to close.
“As more of the workforce has mixed income sources and nontraditional earnings, the VOIE process is more important than ever,” said Ghamsari. “Adding manual verification of income without slowing down the loan timeframe is a game changer. Coupled with Blend’s expanded VOA process, it reduces friction and latency for lenders, takes the burden off internal teams to verify edge cases, improves workflows, and demonstrates continuous innovation in home lending.”
About Blend
Blend Labs Inc. (NYSE: BLND) is a leading origination platform for digital banking solutions. 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. Better banking starts on Blend. To learn more, visit blend.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, 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. 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.
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FAQ**
How does Blend Labs Inc. Class A BLND's partnership with Truework enhance its Verification of Income process, and what specific productivity gains can lenders expect from the Smart Outreach feature?
In what ways do the Supplemental Asset Reports from Blend Labs Inc. Class A BLND streamline the Pre-Closing Verification of Employment process for mortgage lenders?
What feedback have lenders provided regarding the impact of Blend Labs Inc. Class A BLND's VOIE capabilities on their operational efficiency and customer satisfaction rates?
Considering the evolving workforce dynamics, how does Blend Labs Inc. Class A BLND plan to adapt its Verification of Income and Employment services to cater to nontraditional earnings sources?
**MWN-AI FAQ is based on asking OpenAI questions about Blend Labs Inc. Class A (NYSE: BLND).
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