ClosingCorp, an intelligence provider for the mortgage and real estate industries, has joined Blend’s consumer lending ecosystem, allowing its lenders to access third-party provider rates and fees in real time.
The integration not only enables access to these data from over 20,000 service providers, but also lets lenders manage fees using SmartFees within Blend’s point-of-sale (POS) system and the lender’s commercial loan origination system (LOS).
Lenders can also adjust loan characteristics, where they can re-quote fees as needed, ensuring compliance and enhancing time-to-close metrics. Meanwhile, borrowers can complete an application, review pricing, and get approved using any device.
“At Blend, our mission is to power a frictionless, compliant, and more accessible consumer lending ecosystem,” said Ram Woo, head of business development at Blend. “ClosingCorp’s SmartFees brings us best-in-class accuracy and efficiency while providing a completely transparent closing process for our clients and the consumers they serve.”
“Up until now, the previous ‘stare-and-compare’ between loan data and documents has been a time-consuming and error-prone effort,” said ClosingCorp CEO Bob Jennings. “Integrating our configurable fee solution with Blend’s data-driven consumer lending platform creates a more efficient, transparent and user-friendly experience across the board.”