A new automated services offering promises to enable home equity lenders to provide customers with instant approvals and a closing in days.
On Thursday, Blend announced the launch of its Instant Home Equity product. The automated end-to-end offering includes integrated income and identity verification, title, decisioning, valuation and notarization.
Lenders utilizing the platform “can present borrowers with a personalized offer that can be instantly approved and then closed in just a few days, versus the multiple weeks it typically takes through legacy home equity processes,” according to the statement.
San Francisco-based Blend said the Instant product builds on its existing home equity functionality that already increased lending capacity by a third, saved five days in the process, and cut expenses by $249 per loan.