Lennar's lending arm taps Blend for digital mortgages
Lennar Corp.'s home finance subsidiary with the help of Blend rolled out its own digital mortgage platform, as another small lender tries to keep up with Rocket Mortgage.
Along with self-service capabilities for customers to on their own upload bank statements, tax and employment information along with other documents, loan officers can assists borrowers that need assistance through every step of the process on the platform, branded as Eagle Digital Mortgage.
In the pilot phase, Eagle Digital Mortgage processed over 700 mortgage applications. Customer feedback gave the experience an average net promoter score of 9.05 out of 10, Lennar said in a press release.
"I am pleased to see such a positive response from our customers," Jimmy Timmons, president of Eagle Home Mortgage, said in the press release. "Buying a new home is an incredibly exciting and wonderful experience. We believe the mortgage experience should be, too."
Eagle Home Mortgage originated $8.97 billion of mortgages or 31,600 loans, according to Lennar's Securities and Exchange Commission filing for the fiscal year of 2017, which ended on Nov. 30.
The filing claimed a mortgage capture rate of Lennar homebuyers of 80% for the fiscal year, down from 82% for the 2016 fiscal year. The company delivered 29,394 homes last year.
Purchase loans on Lennar-built properties made up 61% of the total origination volume, with other purchase loans and refinancings making up the rest.
On April 2, CalAtlantic Mortgage, whose homebuilder parent Lennar acquired in February, was merged into Eagle Home Mortgage.
Blend has partnered with both small and large lenders to provide digital mortgage technology, including Wells Fargo and U. S. Bancorp, along with Camden National Bank in Maine.
Fannie Mae approved Blend as a Day 1 Certainty report supplier in February.