Blend, a provider of cloud banking services, has added Assets-Derived Income to its existing Blend Income product. Blend Income is now integrated with Freddie Mac’s AIM Check application programming interface (API). The API, which utilizes Loan Product Advisor (LPA) asset and income modeler (AIM) independent of an LPA submission, enables Freddie Mac-approved sellers and third-party originators to get a preliminary view of a borrower’s qualifying asset, income and employment before submitting a full application to LPA.
With this newest enhancement, lenders will have an additional pathway to verify more income sources – including Social Security benefits, pension distributions, military benefits, child support and alimony payments – far earlier in the loan application process than traditionally feasible.
Blend Income pre-populates a consumer’s loan application with income and employment information derived from the consumer’s direct deposit history. After pre-filling the consumer’s application, Blend Income provides lenders with a real-time verification response and verified income report within the application flow, reducing the amount of paperwork for borrowers and giving lenders a more efficient and cost-effective way to accurately assess more income sources than ever before.
“Verification solutions today are costly, provide limited coverage for lenders and are often targeted to a subset of industries or employment types,” says Nima Ghamsari, founder and head of Blend. “Through Assets-Derived Income, Blend is able to provide a fully integrated, single income verification solution with greater coverage and a seamless consumer experience at a competitive price.”
Blend continues to support Freddie Mac offerings, such as AIM for assets verification, borrower cash flow assessment, and rent payment history.
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