Blend Intelligence Overview

Assets

Gift Letter

Description: Automatically requests a Gift Letter to be signed by your borrower and borrower’s donor, inclusive of the following details:

• Gift Amount
• Date of Transfer
• Donor name, address, phone number, and relation to borrower
• Trigger logic: Borrower indicates using a gift as a partial or full source of their downpayment.

 Note: Triggered by borrower-entered applications only.

Configurable decisions: Display lender’s logo (from Blend branding) on Gift Letter

Bank Statements

Description: Automatically requests Bank Statements (covering last 60 days of activity) for each account a borrower manually enters in Blend.

• Trigger logic:
  • Borrower manually entered asset information for an account

Connected Accounts

Description: Automatically generates Asset Statements (for last 60 days of activity) for each account a borrower connected in Blend.

• Trigger logic:
  • Borrower connected their account in Blend

Income

Paystubs

Description: Automatically requests Paystubs for the last 30 days. If applicable, we will also additionally request an end-of-year paystub.

• Trigger logic:
  • To trigger Paystubs, borrower’s current income source is the following: 
    • Employment Pay
    • Military Pay
    • C-Corp, regardless of ownership %
    • Independent Contractor

• Additionally, if the borrower's’ employment period includes 12/31 and borrower indicates any bonus, commission, or overtime income, we will also request an end-of-year paystub.

W-2s

Description: Automatically requests up to 2 years of W-2s for each relevant employer, depending on borrowers’ start date

• Trigger logic:
  • Borrower enters any of the following:
    • Employment Pay, excluding Military Pay
    • C-Corp, regardless of ownership %

  Note: Blend evaluates the start date and uses Feb 1 as the cutoff date to determine which two years of W-2s are requested.

1099s

Description: Automatically requests up to 2 years of 1099s

• Trigger logic:
  • Borrower enters Independent Contract Pay

Personal Tax Returns

Description: Automatically requests up to 2 years of Tax Returns

• Only one set of tax returns will be requested for borrowers who indicated shared filing
  • Trigger logic: Blend uses April 15 as the cutoff date to determine which two years tax returns are requested.

• Configurable Decisions
  • Option 1: Always request tax returns, except when borrower has C-corp income
  • Option 2: Always request tax returns, except when borrower has employment, military, SSN, or C-Corp pay

Business Tax Returns or K-1s

Description: Automatically requests up to 2 years of Business Tax Returns or K-1s depending on the type of business and ownership percentage

• Trigger logic:
  • Borrower enters Business / Self Employment Income
  • See Business Tax Returns detail for full trigger logic across Sole Proprietorship, S-Corp, LLC, or Partnership + ownership %
  • Blend evaluates the start date and an April 15 cutoff date to determine if one or two years of Business tax returns are requested.
  • Blend evaluates the start date and an Jan 1 cutoff date to determine if one or two years of K-1s are requested.

Tax Transcripts

Description: Automatically requests Tax Transcripts (4506-C) to be signed by each borrower. With the latest version of the form, only the primary borrower is required to sign the form. The co-borrower does not need to sign.

    The following configurations can be made at the lender-level:

• • Number of years to request - last year, last 2 years, last 3 years
  • Mail 4506-C to third party address
    • If left unselected, the 4506-C will be mailed to the financial institution
  • Pre-fill field 5 (IVES Participant Name, Address, and SOR Mailbox ID)
  • Pre-fill field 6 Transcripts requested
    • Can only request one transcript
  • Pre-check the following items on 4506-C
    • Return Transcript (6a)
    • Account Transcript (6b)
    • Record of Account (6c)
    • Form W-2, Form 1099 Series, Form 1098 series, or Form 5498 series transcript (7)

Annuity Award Letter, Deferred Compensation Award Letter, Pension Award Letter, and Social  Security Award letter are not under Tax Transcripts. They should each get their own header.

Rental Agreement

Description: Automatically requests a Rental Agreement for each investment property

• Trigger logic:
  • Borrower enters Rental Income OR
  • Borrower enters owned real estate and selects a Property Use of “Investment/Rental Property”

Real Estate Owned (REO)

Mortgage Statement

Description: Automatically requests a Mortgage Statement for each relevant property (owned properties with outstanding mortgages and/or subject property that is being refinanced)

• Trigger logic:
  • Borrower indicates real estate owned with outstanding mortgage payments (If configured as “all properties”)
  • Borrower applies for a refinance (If configured as “refinance”)
    
    
• Configurable Decisions:
  • Client can select whether Mortgage Statements should be requested for:
    • All properties (default configuration)

    OR

    • Refinance

Other Financing Statement

Description: Automatically requests statement to validate any Additional Financing

• Trigger logic:
  • Borrower indicates owning the subject property

Home Insurance Policy

• Trigger logic:
  • Borrower indicates owning real estate. Each owned property will get a separate HOI request.
  • If refi, always request HOI.

Letters of Explanation

Other

Custom Request

Description: Automatically requests lender-specified document from all borrowers

• Configurable decisions:
  • Lender can request any document to be configured to be asked of all borrowers post-submission
  • Example: Borrower’s Authorization Form