Asset Refresh - Encompass

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

• Key features of Asset Refresh
• If the borrower did not connect an account during the application process
• Request an Asset Statement follow-up
• Powering rep & warrant relief for assets
• Step-by-step guide for updating the RefIDs for Encompass users

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. Select the accounts you wish to refresh

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

b. Locked – The 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 – The borrower manually provided account statements for this account. Blend has re-issued an Account Statement 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 an account during the application process

If the borrower did not connect an account during the application process, you can issue an Asset Statement follow-up. An Asset Statment follow-up will ask borrowers to connect to their bank accounts or to upload bank statements. If the borrower chooses to connect their accounts, you will be able to refresh those accounts using the Assets Refresh modal.

Request an Asset Statement follow-up

1. Navigate to the Follow-ups tab

2. Click Add

3. Select Start new list

4. Select Asset Statements from the Commonly Used list or use the search bar to search for the follow-up

5. Click Review request

6. If there are multiple borrowers, you will be able to select which applicants will receive the request

7. Choose Connect accounts

8. You can use the message box to send a personalized message to your borrower

9. Click Review request

Note: If you choose Document upload, the borrower will be requested to upload a copy of their statements and will not be asked to connect their accounts.

10. Lastly, click Send request to send the follow-up request now, or click Save and close to save the follow-up request and send it at a later time

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.

     a. Select Show All at the bottom of your Forms list

     b. 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.

 Note: If you ever need to search for these fields in the future, you can search for “GSEVENDOR.X8” (borrower) and “GSEVENDOR.X9” (co-borrower).

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.