U.S. Bank unveils digital mortgage experience

Mortgage, home equity, and HELOC enhancements powered by Blend

U.S. Bank is now the latest in a growing list of mortgage lenders that are digitizing their lending process.

This week, the bank unveiled a sweeping new digital mortgage experience that borrowers can use for traditional mortgages, home equity loans, and home equity lines of credit.

According to the bank, the “enhanced” experience includes “simple, smart and secure digital applications” that can be self-completed by the borrower or with the help of a U.S. bank mortgage professional.

Either way, U.S. Bank claims that its digital mortgage process is “capable of generating loan approval recommendations within minutes.”

Additionally, the bank claims that it is the first lender to go to market with “technology which can validate both income and assets and evaluate creditworthiness at the time the mortgage application is submitted.”

On the home equity side, U.S. Bank claims that it is the first “large bank” to provide homeowners with the “simplified experience of digitally syncing their home equity application with other trusted third-party sources of digital information such as online tax preparation and payroll platforms.”

Powering all of this is Blend, the digital mortgage software company. U.S. Bank is one of the first to use Blend’s home equity lending solution, which the company rolled out earlier this year.

At the time, Blend claimed that tests of its HELOC application showed a 50% reduction in turn time, shaving off as much as 19 days of the HELOC process.

Blend actually began working with U.S. Bank on the forward mortgage side back in 2017, but now, the bank is fully rolling out its digital mortgage solution.

According to U.S. Bank, any of the mortgage applications can be completed on a mobile device, tablet or desktop computer. The bank said that it will take about 15 minutes to complete a home equity application and 30 minutes for a mortgage application.

The digital application allows borrowers to upload any required documents, track application status and electronically sign disclosures through a single, secure digital hub.

According to U.S. Bank, the digital mortgage experience for forward mortgages is now available in all 50 states. Going forward, mortgage applicants can have their financial data verified electronically, using third-party sources, including other banks, tax preparation and other payroll platforms.

On the equity side, U.S. Bank said that its digital platform is available in 47 states plus the District of Columbia (the bank does not provide HELOCs in Texas, Delaware, and South Carolina).

The bank said that its new platform speeds up the home equity application process, with more than one in four applications receiving conditional approval instantaneously.

“U.S. Bank is committed to delivering a simpler banking experience, eliminating unnecessary steps and helping customers pursue their financial goals,” said Tom Wind, executive vice president, consumer lending, U.S. Bank. “We want current and prospective home owners to spend more time enjoying their home with family and friends, and less time on applications and paperwork with their bank.”

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