The purpose of the Instant Home Equity application is to approve the borrower for the maximum amount of money they can qualify for as early as possible in the flow. Learn more about the borrower and lender experience with Instant Home Equity.
Overview
In an effort to get a decision as early as possible, the co-applicant flow will appear if the primary applicant attempts to qualify for a higher loan amount. If the primary applicant does not add a co-applicant, there will be an opportunity to add a co-applicant at the end of the workflow. The primary applicant will populate their income data and after a soft credit pull, the loan amount they qualify for will be shown. If the primary applicant wants to qualify for a higher amount, they will be asked to add a co-applicant. Loan amount will be re-calculated with the additional sources of income listed.
An application is considered Fully Automated if:
✓ Income details are pulled from Blend Income Verification
✓ Property value is pulled from the financial institution’s AVM provider
✓ Title Property report is pulled from Blend
✓ Homeowners insurance policy is pulled from Canopy Connect or uploaded by borrower
If any of these criteria are not met, then the app will be considered Partially Automated.
The application flow for IHE is as follows:
- Property information
- Address completion and USPS address Verification
- Applicant personal information
- Credit pull (soft)
- Property details + integrations
- AVM (Automated Value Model)
- Flood Zone check
- Fraud Check
- Income
- Decisioning
- Initial offer
- Offer exploration (optional)
- Request higher or lower amount
- Add co-applicant to qualify for higher amount
- Loan intentions
- Debt Consolidation
- HOI/Flood
- Final offer
Note: The Instant Home Equity experience may vary based on your organization's specific configurations.