Blend’s closing, title and other products gain traction with lenders

Blend’s heavy investment in diversification beyond its core digital-mortgage technology into income verification, closing, title and homeowners insurance is gaining momentum with lender customers.

Paramount Residential Mortgage Group announced this week that it would expand its customer relationship with Blend by tapping it for those newer services. PRMG is also using Blend’s integration with its core loan origination software provider and an automated toolkit the former vendor offers for loan officers.

Customer and business line growth at Blend have been watched closely by investors, particularly since the company is counting on its acquisition of Title365 and other expenditures made with the aim of diversification to pay off as home-lending margins thin.

“PRMG is in its second full year of partnership with Blend. We have watched them become the world-class leader not only as a point-of-sale [technology provider], but for the entire end-to-end borrower experience,” said Kevin Peranio, chief lending officer at PRMG, in a press release.

Blend also said this week that it would increase its technology offerings by forming an alliance with LodeStar, which provides a set of automated tools used by lenders and title agents to manage the fees charged by third-parties in the closing process. Those are subject to disclosure-related compliance requirements.

Meridian Bank is using the new integration from the two technology companies, starting at the point of prequalification, according to a press release.

“The partnership between LodeStar and Blend is a natural fit,” said Jim Paolino, CEO of the former company. “Blend has always been an industry leader in terms of finding new ways to address decades-old chokepoints or inefficiencies in the mortgage lending process. By integrating the LodeStar closing cost calculator, Blend is now able to offer even faster processing times.”