Banking Cloud News

Mountain America Credit Union to Offer Instant Home Equity With Blend

Mountain America Credit Union to Offer Instant Home Equity With Blend

Nation’s 12th-Largest Credit Union Selects Blend’s Revolutionary Home Equity Product

Blend, a leading provider of cloud banking software, announced that Mountain America Credit Union selected its Instant Home Equity solution to provide members access to a fully digital end-to-end home equity product that dramatically cuts down loan application approval times.

“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.”

When deployed, the new product offers Mountain America members a digitally transformed home equity process with simplified approvals. The new home equity process, now fully digital, significantly shrinks loan applicants’ time waiting to close (from what could potentially take four to six weeks) to just a few days.

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Officially known as Blend’s Instant Home Equity, the product 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. By digitizing the home equity process, the new service aims to increase customer satisfaction and home equity line of credit (HELOC) utilization.

“Our focus is always on our members and providing with the financial resources that help them define and achieve their financial dreams,” said Amy Moser, senior vice president and chief lending officer at Mountain America. “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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Instant Home Equity enables Mountain America to access a HELOC market that continues to surge even as purchase mortgages and refinances wane. In the first half of 2022, HELOC lending activity rose to its highest level in 15 years.

“Mountain America is a longstanding partner that we’ve worked extensively with on delivering mortgage and consumer-banking products powered by the Blend platform, and we’re excited to be able to continue to do so in a new area of product innovation,” said Erik Wrobel, head of product at Blend. “We are pleased to be trusted with playing an integral role to help fulfill Mountain America’s mission to provide their members with the easiest, most streamlined financial experiences, through our work in automating the home equity origination process.”

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