Blend Labs announced a new soft credit pull for the mortgage prequalification process.
Blend says the move is a response to an increase in the cost for lenders requesting hard tri-merge credit reports. FICO and the national credit bureaus have raised prices for credit reports, saying the “vast majority” of mortgage lenders would see price increases anywhere from 10% to 400%.
With its soft credit functionality, customers save up to 71% compared to all hard inquiries, according to initial data from Blend users.
Soft credit pulls do not negatively affect credit scores. Consumers’ data will be safe from sale to data brokers or other mortgage companies as “trigger leads.”
“With our new soft credit feature, we’re excited to provide a…
BMO Financial Group announced it has partnered with Blend Labs and the Federal Home Loan Bank of Chicago to allow eligible U.S. customers to refinance completely online, leading to a faster and more secure lending experience. So long as the customer’s property is in a state and county that allows the recording of e-signatures and digital notaries, there is no longer any in-person requirement for refinancing. “Through our membership with FHLBank Chicago and partnership with Blend, we have created an end-to-end digital experience that empowers customers with expediency and control, while offering access to lending experts throughout the process,” said Mark Shulman, Head of U.S. Consumer Lending at BMO. Blend Lab’s Close product drives the bank’s shift to digital refis.…
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…
