California-based Blend – which bills itself as a leading provider of cloud banking software, has launched a new home equity product that integrates myriad processes at a fraction of the time of its competitors, as one executive explained.
“This product is a totally next-generation home equity for the industry,” Gaurav Nagla, head of product – consumer banking and lead on Instant Home Equity at Blend, told Mortgage Professional America during a telephone interview. “Everybody has been doing it the old way, capturing all the data in docs from customers starting with application, finding out what they need more and going back and forth.”
Instant Home Equity is an automated, end-to-end solution for lenders, he explained. The product integrates various processes–income and identity verification, title, decisioning, property appraisal, and notarization–into a seamless and personalized experience for borrowers. It also allows for instant approval and the ability to close in just a few days, when it typically takes multiple weeks with a legacy home equity process.