Over 25 lenders and brokers have already signed on for the product
Fintech firm Blend has launched a new digital income verification tool for mortgage applications.
In a statement, the firm said that its new “Blend Income Verification” tool acts as a single income verification provider across banking products and lending scenarios by combining multiple data sources and verification methods, enabling financial services firms to “streamline credit risk assessments for all types of consumers.”
Additionally, Blend said that the tool is an authorized report supplier for both Fannie Mae’s Desktop Underwriter (DU) validation service and Freddie Mac’s asset and income modeler (AIM) and will be fully integrated into its cloud banking platform.
Blend also confirmed that over 25 customers – including American Federal Mortgage, Lennar Mortgage, and IBC Mortgage – had already signed on for the product.
“Blend has always been committed to partnering with the financial services industry to simplify processes and expand its ability to serve more customers,” said Nima Ghamsari, co-founder and head of Blend. “With the rise in gig economy and non-traditional work, income verification can be an obstacle for many consumers to gain access to financial services despite a strong ability to repay loans. Through Blend Income Verification, banking teams can confidently verify a consumer’s income in real-time without requiring time-consuming data entry or document uploads. It’s really the easy button for verifying a consumer’s income.”