Mountain America Credit Union is offering home equity through cloud banking software Blend, according to the companies.
Mountain America will use Blend’s Instant Home Equity solution to provide members access to a fully digital end-to-end home equity solution that will cut down its application approval times.
“Our focus is always on our members and providing them with the financial resources that help them define and achieve their financial dreams,” said Amy Moser, senior vice president and chief lending officer at Mountain America.
“Working with Blend supports our prioritization of identifying ways to provide our members with personalized financial experiences in the context of home equity lending that help us achieve our goals and provide an outstanding member experience.”
Users will see approval times fall from weeks to just a few days, Blend said.
The product uses automated income and identity verification, instant title, real-time decisioning, property appraisal, and remote online notarization, to save time and money for lenders and borrowers.
“Mountain America is a longstanding partner that we’ve worked extensively with on delivering mortgage and consumer-banking products powered by the Blend platform, and we’re excited to be able to continue to do so in a new area of product innovation,” said Erik Wrobel, head of product at Blend.
“We are pleased to be trusted with playing an integral role to help fulfill Mountain America’s mission to provide their members with the easiest, most streamlined financial experiences, through our work in automating the home equity origination process.”
As price appreciation has skyrocketed, equity has reached an all-time high, giving homeowners unprecedented access to home equity lines of credit. Home-equity packages comprised one of every five mortgage deals completed in Q3 2022.