Blend deepens partnership with Freddie Mac to optimize lender and borrower experience

SAN FRANCISCO, Jan. 7, 2021 /PRNewswire/ -- Blend, a leader in digital lending solutions, today announced it has expanded its partnership with Freddie Mac with the integration of the company's automated underwriting system (AUS), Loan Product Advisor® (LPA^SM). Together, Blend and Freddie Mac are collaborating on technology solutions to drive faster assessment of data and reduce the amount of paperwork, simplifying the process for both their lender-clients and those clients' borrowers -- ultimately improving borrower experience and reducing the origination cycle time.

"Partnering with Blend was a natural choice as the company was founded on the principle of digitizing mortgage applications," said Andy Higginbotham, chief operating officer of Freddie Mac's Single-Family business. "Freddie Mac and Blend have a shared vision for the future of mortgage lending, which is more important than ever as loan officers are challenged with remote work environments and consumer demand for a fully digital experience."

With this integration, Blend expands its AUS workflows to more lenders, including its Dual AUS functionality to deliver a better borrower experience. The Dual AUS functionality reduces risk by automating the AUS findings report and approval so lenders have a clearer view of available borrower options without sacrificing operational efficiency so they can maximize their secondary market execution.

"Traditionally the mortgage industry has been rife with arduous and paper-heavy processes," said Tim Mayopoulos, President, Blend. "By deepening our partnership with Freddie Mac, we're not only able to bring our vision of the full digital home lending journey to a broader audience, but we're able to serve more lenders better -- all without sacrificing operational efficiency."

Blend is a third-party service provider for Freddie Mac. In 2019, Blend announced it was the first digital lending platform approved for Freddie Mac's asset and income modeler (AIM), a solution that automates and simplifies the assessment of borrower assets through Loan Product Advisor.

In addition, Blend recently announced its Digital Lending Platform supports the redesigned Uniform Residential Loan Application (URLA). The GSEs will begin accepting the redesigned URLA to their AUSs on January 1, 2021.

For more information on Blend's Loan Product Advisor integration: visit https://blend.com/blog/news/expanded-partnership-freddie-mac/

About Blend

Blend helps lenders streamline the customer journey for any banking product from application to close. Its Digital Lending Platform is used by Wells Fargo, U.S. Bank, and over 250 other leading financial institutions to acquire more customers, increase productivity, and deepen customer relationships. The company enables customers to process more than $3.5 billion in mortgages and consumer loans per day, helping millions of consumers get into homes and gain access to the capital they need to lead better lives. To learn more, visit blend.com.

SOURCE Blend