SAN FRANCISCO, CA (August 6, 2019) — Blend, a leader in digital lending technology, today announced it has joined forces with Freddie Mac to provide automated asset assessment through the entity’s Loan Product Advisor® asset and income modeler (AIM) solution. Through this relationship, any Blend mortgage where a borrower successfully connects to their financial institution in the application process is eligible for automatic assessment of assets through AIM. 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.”
“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.”
Already in use with customers including SWBC Mortgage, Blend has seen this functionality shorten loan cycle time by eliminating the need to collect and underwrite asset statements.
“We’ve already started to see the benefits of digitizing our mortgage workflows, and are thrilled to see our partners at Blend continuing to innovate together with important industry stakeholders,” said Susan Stewart, CEO of SWBC Mortgage. “Blend and Freddie Mac partnering to offer this new digitized service is an important advancement in helping us provide faster and easier mortgages to our customers, and we look forward to continuing on our journey together.”
With up to 62% of Blend users choosing to connect directly to their accounts during the initial loan application, the gains in efficiency by not collecting paper documents will be widespread and immediate across Blend’s customer base of more than 150 banks, credit unions, and non-bank lenders.
For more information, please visit blend.com/blog/news/aim-
Blend is the infrastructure powering the future of banking. Financial providers— from large banks, fintechs, and credit unions to community and independent mortgage banks—use Blend’s platform to transform banking experiences for their customers. Blend powers billions of dollars in financial transactions every day. To learn more, visit blend.com.
Gene Kim
press@blend.com
