SAN FRANCISCO, Feb. 13, 2018 /PRNewswire/ -- Blend, a Silicon Valley technology company propelling the consumer lending industry into the digital age, today announced it is the first end-to-end platform to be approved to provide asset verification reports for the Desktop Underwriter ® (DU®) validation service a component of Day 1 Certainty by Fannie Mae.
Fannie Mae's DU validation service is designed to provide customers with enhanced loan origination controls, improved processes, and certainty around the borrower's assets, income and employment information, in addition to relief from representations and warranties on validated loan components.
Seamless account connectivity in Blend's consumer lending process means lenders, who already see up to 70% of their borrowers connecting directly to source data, now have their loans with validated components automatically eligible for Day 1 Certainty.
Together with Fannie Mae, Blend is furthering its vision of data-driven, transparent, and lower-risk mortgages across the ecosystem. Using validated data and intelligent workflows, Blend can automatically identify tasks and facilitate them earlier in the process, cutting down on steps and time spent for borrowers and lenders.
"Our relationship with Fannie Mae lets us offer lenders seamless integration with Day 1 Certainty right out of the box – there are no additional borrower or lender actions required to realize the benefits," said Brian Martin, who leads Blend's Business Development team. "Everyone involved will benefit from reduced paperwork, significantly lower risk, and an accelerated mortgage process. Our work with Fannie Mae will continue to target a more frictionless process that better serves borrowers."
"We're excited to have a full solution in Blend with Day 1 Certainty embedded available for all our borrowers," said SWBC Mortgage CEO Susan Stewart. "Blend and Fannie Mae have been incredible partners on our journey to transform the mortgage process, and we look forward to taking this next big step toward a truly digital mortgage together."
With the ability to validate borrower assets through the DU validation service, lenders that use Blend will be able to decrease processing and underwriting time given confidence in the verified data and freedom from a paper-based process, and provide a more seamless and engaging experience for consumers.
Blend is a Silicon Valley technology company propelling the $40+ trillion consumer lending industry into the digital age through partnerships with banks, lenders, and other technology providers. Blend's cloud-based technology, currently specific to home lending, delivers speed and efficiency to lenders so they can serve the modern borrower and safely navigate the industry's changing rules and regulations.
Founded in May 2012, Blend is backed by Greylock Partners, Emergence Capital, Founders Fund, Andreessen Horowitz, 8VC, Lightspeed Venture Partners, and other leading venture investors. To learn more, visit blend.com and connect with us at twitter.com/blendlabsinc.
View original content with multimedia:http://www.prnewswire.com/news-releases/blend-becomes-industrys-first-end-to-end-digital-mortgage-platform-approved-for-fannie-maes-day-1-certainty-300597642.html