Blend Labs is rolling out technology it claims can trim approvals and closings for home equity products to a matter of days versus the typical weeks-long process.
Instant Home Equity combines the fintech's platforms for appraisal, income verification, title and remote online notarization to speed up transactions, Blend said in an announcement Thursday.
The automation from the San Francisco-based firm comes as mortgage players are
"Leveraging all that we've built on the Blend platform—for both Mortgage and Consumer Banking solutions–we're able to deliver an instant home equity experience to help our customers ensure a seamless experience for applicants, grow their home equity businesses, and reduce costs to originate in a challenging marketplace," said Nima Ghamsari, head of Blend, in a press release.
The technology builds on Blend's former home equity offering which it said allowed teams to save five days and $249 per loan.
Blend's home equity automation was a bright spot for the fintech's consumer banking segment during a
"Year on year, total consumer banking transactions grew by approximately 138,000 to approximately 215,000 in Q2, supporting, in particular, the increase we observed in our home equity revenue as compared to the prior quarter," Ghamsari said during the company's earnings call.
Mortgage companies introducing open- or closed-end home equity financing products this year include
While home equity loans have gained popularity this year as the market struggles with traditional mortgage applications