When Accelerate Loans Launched nearly four years ago, Rocket Mortgage started a revolution in which almost all major lenders digitized their mortgage process.
Rocket Mortgage claims it’s as easy as “push button. Get Mortgage ”and enables borrowers to be approved for a mortgage in minutes.
Consider the bet increased.
Technology provider for digital mortgages mixturethat brings the digital mortgage experiences of US bank, Wells Fargo, and a number of other major lenders, announced this week that they are now offering one-tap mortgage pre-approval.
Blend claims that its new software gives borrowers “instant access to verified purchasing power and the ability to easily create a pre-approval letter.”
According to the company, “the new technology enables lenders to verify a consumer’s assets, income, employment and liabilities with source data and without friction, greatly reducing verification paperwork and saving lender time.”
Blend says the US bank will be “one of the first” to offer one-click mortgage pre-approval. From there, the company states that there will be a “phased rollout” of the one-tap program to “additional lenders” by the end of this year.
Blend doesn’t state which lenders qualify as “additional lenders,” but the company is the technology backbone of Wells Fargo. Navy Federal Credit Union, Citizens Bank, and other.
So it is not ruled out that Wells Fargo, which is already competing with Quicken Loans for the largest mortgage lender in the country, could receive a “one-tap” pre-approval by the end of 2019.
But as mentioned above, US Bank will be one of the first to introduce Blend’s new offering.
“At US Bank, our goal is to simplify the home buying process and improve the customer experience throughout the buying process,” said Tom Wind, executive vice president, consumer lending, US Bank.
“The streamlined application process and transparent customer experience with One-Tap are moving us in the right direction so that buying a home is the exciting experience it should be and not the dreaded one,” added Wind. “In addition, the one-tap pre-approvals give our customers security at the beginning of the property purchase process. We are happy to be one of the first to offer our customers. “
The introduction of “one-tap” approval is only the latest in a series of major steps for Blend.
The company started the year by announcing that earlier Fannie Mae CEO Tim Mayopolous joined Blend as President.
A month later, Blend announced its intention to disrupt home equity lending by rolling out a digital home equity loan process that would cut processing times by weeks.
And then in May, Blend announced a partnership with. at Foreclosure, with the customer management software saying it made an undisclosed “strategic investment” in Blend.
And in June, Blend announced it had raised $ 130 million in a Series E funding round.
And now the 2019 HW Tech100 winner is at the forefront of the digital mortgage revolution.
“For the past seven years we have worked hand in hand with lenders and industry partners to develop advanced financial technology that leverages consumer data and delivers a modern borrower experience,” said Nima Ghamsari, co-founder and CEO of Blend. “One-tap pre-approval provides the simplicity and transparency that consumers have come to expect and is a critical first step in helping consumers achieve financial health.”