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02-14-2017, 11:32 PM (This post was last modified: 02-14-2017, 11:35 PM by Administrator.)
In 2017 new technology called Blend will simplify a whole process of Originating loans for borrowers and lenders.
TILA-RESPA Integrated Disclosure
Home Mortgage Disclosure Act
As a technology provider to top lenders, Blend’s priority is ensuring airtight digital compliance. That means compliance checks, audit trails, and reporting that support all federal and state regulations comes standard with every deployment.
BSA - KYC and CIP Requirements
TRID / RESPA
Intent to Proceed
Anyone who has taken out a mortgage knows it can be an exhaustive and time consuming process. The average time between applying for and closing a mortgage is nearly 40 days.
Blend wants to help lenders and big banks process mortgages faster. Its pitch is that it can complete the process in a matter of minutes, not weeks. The company, which launched in 2012, goes up against the traditional mortgage process, which evaluates loans via paperwork and traditional methods.
But for many large lenders, processing and creating mortgages costs a lot of money, explained Blend CEO Nima Ghamsari. In fact, he estimated that banks spend $7,000 per loan on labor cost and other details.
Blend's software provides a more data driven approach for lenders by integrating data from digitized pay stubs, tax forms, and bank statements. The company has also developed proprietary algorithms to process things like credit score, risk, and more.
By putting the process online, Blend's mortgages can be approved in minutes. Furthermore, the online process is more friendly for customers, illustrated by nearly 30% of applicants at one lender using mobile devices to fill out their applications.
Speed is what caught the attention of a number of Silicon Valley investors, including Ken Howery and Peter Thiel at Founders Fund, a firm that has backed Palantir, SpaceX, and Airbnb. On Wednesday, Blend announced that Founders Fund, along with existing backers Lightspeed and Formation 8, invested $40 million into the company.
“This is a technology challenge that lenders are not positioned to solve on their own,” said Thiel. “Blend’s engineers and data scientists are making the highstakes mortgage transaction better for lenders and borrowers. They are changing the way the entire industry operates.”
Lending Network was created and launched as a mortgage, real estate, and credit information center for the general public to utilize it as a loan scenario help desk online community forum. Lending Network is a subsidiary of Gustan Cho Associates Mortgage & Real Estate Information Center. Do you get different answers when you consult with a mortgage lender? Are you confused when one lender gives you one answer and another lender gives you a different answer. Look no further. Join Our Lending Network Online Community Forum and you will deal with real mortgage industry professionals who will give you the correct answer. Gustan Cho NMLS 873293 at CrossCountry Mortgage Information Center will not tell you what you want to hear but the fact. CrossCountry Mortgage Inc. NMLS 3029 is a national 5 star lender with no lender overlays and we are a Fannie Mae/Freddie Mac/Ginnie Mac Direct Lender where as long as you get an approve/eligible per Automated Underwriting Findings and you can meet the conditions, we will close you loan.