SALT LAKE CITY–Mountain America Credit Union has selected the “Instant Home Equity” solution from Blend, saying the goal is to provide members access to a fully digital end-to-end home equity product while also “dramatically” reducing loan application approval times.
According to the company, when deployed, the new product offers Mountain America members a “digitally transformed” home equity process with simplified approvals. Blend said that with the solution the waiting time waiting to close the process is reduced from what could potentially take four to six weeks to just a few days.
The company further said Blend integrates automated income and identity verification, instant title, real-time decisioning, property appraisal and remote online notarization to achieve substantial time and cost savings for both lenders and borrowers.
Expanded Utilization
The San Francisco-based company also said digitizing the home equity process, the new service aims to increase customer satisfaction and home equity line of credit utilization.
“Our focus is always on our members and providing with the financial resources that help them define and achieve their financial dreams,” Amy Moser, senior vice president and chief lending officer at the $15.9-billion Mountain America, said in a statement. “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.”
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