KeyBank recently announced it is using a software platform provided by Blend (NYSE: BLND) that digitizes the end-to-end mortgage-application process for clients looking to purchase or refinance a home. San Francisco, California–based Blend provides a cloud-based banking platform to “streamline workflows and transform banking experiences for their customers,” per the Blend website. With the use […]
KeyBank recently announced it is using a software platform provided by Blend (NYSE: BLND) that digitizes the end-to-end mortgage-application process for clients looking to purchase or refinance a home.
San Francisco, California–based Blend provides a cloud-based banking platform to “streamline workflows and transform banking experiences for their customers,” per the Blend website.
With the use of the Blend platform, KeyBank says it’s able close home loans 17 days faster, on average, than before this platform was integrated, per its Feb. 2 announcement.
The bank noted that it is “seeing significant results in making home buying easier for clients in the face of a competitive market.”
“The ability to offer streamlined solutions that enable our loan officers and their teams to be more efficient in providing excellent customer service is critical in this environment,” Dale Baker, president of home lending for KeyBank, said in a statement. “Blend’s mission to bring simplicity is paying off for our teammates who are having a streamlined experience, as it’s also bringing greater transparency to our clients to be instantly in touch with where their closing stands and obtaining it quicker than we’ve ever been able to.”
Blend’s platform allows KeyBank clients to easily upload documents online, review and sign their disclosures electronically, and receive automatic reminders for any missing information during the mortgage application process.
The “convenience factor of Blend is also generating results,” KeyBank contends.
So far, 83 percent of KeyBank clients who start a mortgage application through Blend complete the process. The average time for a client to finish a mortgage application is 29 minutes, and more than one-third are completed through a mobile device or tablet. Nearly half of all client interaction through Blend is done at the client’s convenience outside of normal business hours.
Among 300,000 document requests, more than half are provided within two hours through Blend’s system.
“Blend’s goal is to personalize a consumer’s homeownership journey with options that meet their individual needs,” Nima Ghamsari, co-founder and head of Blend, said. “Our collaboration with KeyBank furthers our efforts to provide better lending for all, and we’re excited to provide technology that will help current and future homeowners stay ahead of changes in today’s market.”