Blend Now Enables Mortgage Lenders to Deliver Instant Pre-Approval Letters

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Mortgage point-of-sale (POS) solutions provider Blend is introducing automated, self-serve pre-approvals.

This new capability enables mortgage lenders to furnish home shoppers with a pre-approval letter that tells them exactly how much they can borrow.

This, in turn, gives home shoppers more confidence as they move through the home buying process. It also helps lenders deliver improved transparency and create better “stickiness” with online shoppers.

As the technology firm points out in an announcement, consumers are increasingly demanding the ability to self-serve when it comes to the online mortgage process – especially during the earliest steps, like the pre-approval.

With this new capability, a lender can instantly tell a home shopper how much they are pre-approved for but, perhaps most importantly, the consumer can access this information without having to interact with a live human being.

In effect, this spares a home shopper from any potential embarrassment they might experience should they discover they are approved for less than they anticipated.

“We’ve built a more seamless way for consumers to start the home buying process: a self-serve pre-approval,” Blend says in a release. “The pre-approval letter enables interested homebuyers to understand – quickly and on their own time – exactly how much they can borrow, so they can confidently start shopping for homes.”

After completing an application, a consumer on Blend’s platform is presented with a guided workflow to select loan options, understand associated costs, and immediately download a pre-approval letter.

Behind the scenes, Blend automatically checks credit and runs an automated underwriting system to deliver an instant result.

A home shopper can go through the process and download a pre-approval letter at any time – even on a Saturday night.

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