Asset Refresh - Encompass – Blend Help Center

DISCLAIMER: All mentioned features on this page may not be applicable to your institution, please reach out to (support@blend.com) for more information on what features are enabled for your use.

Loan teams can now refresh assets in Blend whenever needed to get updated asset data towards loan closing.

Key features of Asset Refresh

Easy, centralized way to review and refresh two months of asset statements in Blend
May eliminate the need for borrowers to collect additional bank statements, since you are able to update statements for connected accounts.
Increase loans eligible for GSE Rep and Warranty programs
Unlimited access to refresh assets, at no extra cost

1. Navigate to the Assets section of the Application Page.

2. Click Refresh Assets.

3. In this initial version, you will need to refresh all accounts at a time, by clicking “Refresh accounts.” In the upcoming release, you will be able to select which accounts you’d like to refresh, using the checkboxes on the left.

4. Click Refresh accounts.

5. You may see this message while Blend is finishing the refresh process.

6. You will see the following statuses for refreshed accounts:

a. Connected – borrower originally connected this account and Blend has refreshed the Generated Asset Statement for the last 2 months of data.

b. Locked – borrower originally connected this account, but it requires multi-factor authentication. Blend has re-issued the Asset Connectivity workflow as a follow-up for the borrower to re-connect. Once completed, Blend will generate the updated Generated Asset Statement for this account.

c. Not connected – borrower manually provided account statements for this account. Blend has re-issued a follow-up for the borrower to upload updated account statements.

7. All updated asset statements will be uploaded to the Docs tab once available.

If borrowers would like to disconnect their accounts, they should reach out to privacy@blend.com with the name of their lender and the email address they used to apply.

If the borrower did not connect to an account in their borrower application:

In post-submission, you can issue a follow-up, which will ask borrowers to connect to their bank accounts or to upload bank statements. From there, you will be able to refresh those accounts using the Assets Refresh modal.

To request a follow-up, navigate to the “Follow-ups” tab within an application.
Blend is changing the title of the Asset connectivity follow-up in late-June

Before late June, search for “Financial Statement” for the borrower to connect to their bank accounts
After late June, search for “Asset Statement” (but if you accidentally search for “Bank Statement” or “Financial Statement,” the “Asset Statement” follow-up will still show up)

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Powering rep & warrant relief for assets

Upon initial export from Blend to your LOS (if you have an automatic Blend-LOS integration), the Ref ID will export to your LOS. When you run DU and LPA*, the AUS will request assets from Blend using this Ref ID.
*Once enabled for Freddie’s Asset and Income Modeler for Asset Verification

Upon Asset Refresh in Blend, the “Blend Reference Number” (shown below) will be updated in the Blend Loan Overview screen to reflect the refreshed assets. You will need to copy this reference number and paste it into your LOS for it to be available for future AUS runs. The refID gets updated each time assets are refreshed or if the borrower adds new accounts.

The new Ref ID tells DU and LPA that there are new assets to request from Blend. As of today, your loan team will have to manually update the RefID in the LOS.

Step-by-step guide for updating the RefIDs for Encompass users

1. Navigate to the Assets section on the Application page of a loan.

2. Click the Reference Number next to Assets. You will see a reference number, if a borrower or co-borrower has connected to assets.

3. Click Done.

Note: There is one Reference Number per borrower.

Encompass

4. In Encompass, find the corresponding fields for the Blend Reference Number for the borrower and the co-borrower. Select “Show All” at the bottom of your Forms list. Open the FNMA Streamlined 1003 Form.

5. Copy the borrower Blend Reference Numbers from Blend into these fields.

Note: The top field in Blend is the borrower’s, and the bottom field in Blend is the co-borrower’s. If there is no co-borrower on the loan, Blend will only surface the Borrower’s Reference Number. You can copy the Reference Numbers with one click by clicking the icon in Blend.