Mortgage tech firm Blend has launched a lower-cost version of its mortgage suite for retail independent mortgage banks, the company announced this week.
This offering, called Blend IMB Essentials, includes many of the same features of its standard offering for mortgage lenders.
Blend IMB Essentials will streamline the application process, will facilitate pulling soft credits instead of tri-merge credits during the initial phase of application. It will also serve loan officers on-the-go with a mobile application, Nima Ghamsari, C.E.O of Blend told HousingWire.
“The mortgage market is grappling with the effects of high interest rates, home affordability, and low inventory, so reducing costs is top of mind for everyone,” Ghamsari said in a prepared statement. “Retail IMBs have helped build Blend into what it is today and we stand by the industry during this time. We will make sure every loan officer can offer the best possible borrower experience while also being able to conveniently manage their pipeline on the go with the LO Mobile App.”
Additionally, Blend integrates with the most common loan origination systems, pricing engines, as well as other key systems.
Earlier in September, Blend added an assets-derived income capability to its existing “Blend Income” product. This enhancement gives lenders “additional ways to verify more income sources far earlier in the application process than traditionally feasible,” HousingWire reported.