Manage co-borrower experience

Co-borrowers can represent a critical aspect of the lending experience. It is important to understand how they interact throughout an application in Blend.

• Add a co-borrower (borrower experience)
• Add/delete a co-borrower (lender experience)
• What if I have more than 3 borrowers on a loan?
• Can I merge applications for multiple borrowers?

Add a co-borrower (borrower experience)

In the borrower's portal, the Getting Started section will ask the borrower whether or not they are applying with another applicant.  Should the applicant choose Yes, they will be brought to a form in which they enter the details of their co-borrower.

After the co-borrowers information has been added, the borrower will be asked whether or not they have the authorization to provide information on the co-borrowers behalf.  

If the borrower selects 'Yes', that they do have co-borrower authorization, a few things will happen.

• The borrower will next be asked if they share financial information with the co-borrower
  • If Yes, the borrower will be asked to confirm the co-borrowers information
    • The co-borrower will be requested to review their submitted information after the borrower submits their application

If No, the co-borrower will be issued a login to the borrower's portal to apply separately. They will see the next page. An invite for the co-borrower will go out automatically after they click “Continue”

 Notes: 

• The timing for when the co-borrower gets invited to the application is dependent on if it is a shared or non-shared application.
• On shared applications, the invite will be sent once the borrower completes their portion of the application.
• On shared applications, the primary borrower will be able to provide information on behalf of the co-borrower resulting in the invite being sent out after the application has been completed. 

If the borrower selects 'No', that they do not have co-borrower authorization:

• The co-borrower is issued login information for the borrower portal and will apply separately alongside the main borrower

 Notes: 

• The co-borrower invite for a non-shared application will be sent once the primary borrower finishes the "Getting Started" portion of the application.
• The primary borrower is not able to fill out any of the co-borrowers information on the non-shared applications, Blend will send out an invite to the co-borrower to provide the required information to complete the application process.

Add/delete a co-borrower

If this method is used to add a co-borrower, the co-borrower will receive a separate login to complete the application if it's not a shared application. This means that both borrowers will need to log into their accounts and complete their respective applications separately. 

What if I have more than 3 borrowers on a loan?

If you have 3 or more borrowers on the loan, you will have to manually invite the additional borrowers.

Note:

• Requires that your environment is configured to support 3+ borrowers. Reach out to your Blend admin if you'd like to enable this feature in your environment.
• A full application is not supported for 3+ borrowers.

Can I merge applications for multiple borrowers?

Merging applications is not currently possible in Blend. Depending on where the borrower(s) are in the application you can do the following:

• Should you want to keep two borrowers included in one application in Blend, we recommend adding a co-borrower to the desired application if possible.
• If an application is in its early stages, we recommend archiving the application and creating a new application with both borrowers on it.
• If the borrowers have completed and are much further into the application, we recommend reaching out to your internal support team for further instructions going forward with merging. 

DISCLAIMER: The features on this page may not be applicable to your institution. Please reach out to Blend Support for more information on what features are enabled for your use.