Over the last few years, Blend has become one of the biggest names in digital mortgage software. The company is raising money hand over fist and its software is backing the digital mortgage experiences for Citizens Bank, U.S. Bank, Wells Fargo, Navy Federal Credit Union, and more than 150 other lenders.
And now, the company will be able to provide automated asset verification to its customers thanks to a new partnership with Freddie Mac.
Blend announced Tuesday that it “joined forces” with Freddie Mac to provide automated asset verification and assessment through Freddie Mac’s Loan Product Advisor asset and income modeler solution.
According to the company, any Blend mortgage where the borrower connects to their financial institution during the application process will be eligible for automatic assessment of assets through Freddie Mac’s software.
“Providing Freddie Mac clients with tools that create a faster, more meaningful experience for all parties involved in the mortgage transaction is key to their business success,” said Rick Lang, vice president, Loan Advisor integration strategy for the single-family business at Freddie Mac. “Through our partnership with Blend, we are now able to provide our mutual clients access to our evolving suite of asset and income assessment offerings.”
According to the company, this functionality is available for all Blend customers who are Freddie Mac-approved sellers.
“We’re honored that Freddie Mac chose Blend as an early partner to support AIM for assets,” said Brian Martin, head of business development and partnerships at Blend. “These relationships underscore our commitment to working with industry leaders to rethink the mortgage process and streamline the entire home purchase journey for lenders and consumers.”
The move is the latest in what’s been a big year for Blend.
The company started the year by announcing that former Fannie Mae CEO Tim Mayopolous had joined as company president.
A month later, Blend announced its intention to disrupt home equity lending with a digital lending process for home equity loans that shaves weeks off cycle times.
And then in May, Blend announced a partnership with Salesforce, with the customer-management software saying that it made an undisclosed “strategic investment” in Blend.
Then, the company announced in June that it raised $130 million more to continue its growth.
