Blend expands verification tools for mortgage lenders

Blend Labs Inc. (NYSE: BLND) announced enhancements to its verification capabilities for mortgage lenders, including expanded income verification through a partnership with Truework and new asset verification features.

The digital origination platform company added Smart Outreach, a manual verification solution that automates non-instant verifications for income and employment. The tool eliminates the need for loan officers and processors to manually contact employers, according to the company's press release.

Blend also introduced Supplemental Asset Reports to help lenders meet 10-day pre-closing verification of employment requirements without manual documentation. The feature uses electronic data instead of paper-based verification processes.

"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.

The company reported that 55% of its verification of income and employment reports are completed within 24 hours, with 87% finished within 72 hours. Blend cited external research indicating that customer satisfaction in mortgage lending drops by 10 points for every delay beyond the original closing estimate.

Blend provides digital banking solutions to financial institutions including large banks, credit unions, and mortgage lenders. The San Francisco-based company's platform is designed to streamline the loan origination process for various types of financial providers.

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