Digital mortgages

The amount nearly doubles the capital the mortgage fintech has raised since 2012.

After doubling its valuation in five months, Blend plans to use its latest funding to strengthen its digital lending experiences for banking and mortgages.

The company aims to make financed home purchases more competitive with cash offers by creating a faster mortgage process.

The funding will be used to continue developing the automation Brace provides for distressed loan servicing and other related services.

When the Uniform Residential Loan Application transition deadline hits on March 1, a data set within Fannie Mae’s Desktop Underwriter Program, which many lenders have used for a host of functions, will no longer be supported and unprepared lenders could later experience disruption.

Remote online notarization helped originators close loans amid social distancing measures, but complex local laws remain a barrier to its widespread use.

This year, the mortgage industry demonstrated an unlikely agility and willingness to learn, but 2020 also reinforced where the industry is weak and needs to adapt — quickly — to be able to compete, Capacity Senior Adviser John Heck says.

While it's no silver bullet, automation with careful monitoring and testing can help lenders eliminate racial bias toward potential borrowers, the developers say.

The company also acquired the maker of the ResWare title and escrow software.

Two reports reveal how borrowers prefer to engage with lenders, with younger customers preferring an efficient digital experience and most seeking some form of human interaction.