With Asset Refresh, Blend offers a seamless workflow for lenders to refresh borrower assets. Lenders will be able to select which accounts they would like to refresh (pull two months of assets data) from the accounts a borrower has provided in Blend.
Blend will deactivate connections to borrower’s asset accounts 14 days after the initial connection is established, when a loan gets purged from Blend, or when a borrower requests to opt out of financial account access (whichever comes first). After this time has elapsed, borrowers will need to re-enter their credentials in order to refresh any asset statements.
- Key features of Asset Refresh
- How to refresh assets in Blend
- Account Connectivity Status
- If the borrower did not connect an account during the application process
- Request an Asset Statement follow-up
- Understanding borrower's Asset activity in Blend
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 refreshing assets, at no extra cost.
How to refresh assets in Blend
Asset Refresh is done from the lender side application. Additionally, assets can be refreshed in Encompass using the KensieMae plug-in. Refer to Asset Refresh - Encompass to learn more.
To refresh assets in Blend, follow the steps below.
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 a "Refreshing assets" message while Blend is finishing the refresh process. This may take a minute or two.
6. You will see the following statuses for refreshed accounts.
Account Connectivity Status
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 reconnect. 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 email@example.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 Statement follow-up gives 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.
Understanding borrower's Asset activity in Blend
Learn how to interpret activity events for Asset Statement follow-ups to understand when a borrower successfully connects their accounts, manually uploads copies of their statements, or removes their accounts. Refer to Guide to understanding Asset Statement follow-up events in Blend's activity log to learn more.
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.