Disclaimer: This change applies only to the lenders that received an email from Blend. Does not apply to all.
As part of our release notes last week, we described how we are transitioning to using OAuth for borrowers using certain institutions. If you didn’t get a chance to read the release notes, please do before reading the rest of this email.
Some financial institutions on OAuth will display a logo to the borrower when they are entering their credentials on the financial institution’s website. Since the borrower is giving permission to the financial institution to share data with you (i.e. the lender who works with Blend), the borrower will see your logo. Your logo will be shown where the “M” logo is shown in the screenshot below. Also, your company’s name will be displayed where “Myevelopes” is shown in the screenshot.
An SVG version of your logo in a 1x1 aspect ratio is required by Friday, July 30th. If you are unable to provide a logo by then, we will show the generic logo attached to this email when a borrower goes through the experience.
Please feel free to reach out to Support via chat or email email@example.com if you have any questions.
Release Notes sent on July 14th, 2020.
Using OAuth to Connect Assets
Borrowers using Blend’s asset connectivity feature for certain financial institutions will now use a login experience called “OAuth.” OAuth will require borrowers to login directly on their financial institution’s website. The financial institution will provide information to the borrower about how the data provider and the lender may access and use their data.
For now, borrowers will only use OAuth to login for Wells Fargo, Chase, and Capital One accounts when those institutions are accessed by a data provider that supports OAuth. Other financial institutions will likely be added to the OAuth experience in the future.
Due to the nature of this functionality, you will be unable to test this in beta. During OAuth, Blend does not control the login experience on a financial institution’s website and logging in requires real- world credentials.
Please see below for a step by step journey through the process.
1. The borrower selects which financial institution they would like to connect or add manually.
2. The borrower is informed they are being taken to the financial institution to sign in.
3. The borrower is brought to the financial institution’s page via a pop-up window. This page is not hosted by Blend, but rather by the financial institution itself (Wells Fargo in this example).
4. The borrower is brought to the accounts selection screen. This screen is hosted by the financial institution and not controlled by Blend.
The borrower is prompted to select accounts. There are two boxes that are present at the request of the financial institution: consent to provide statements and connect any newly opened accounts automatically. Blend does not plan to use either of these features at this time and does not have control over the display of these boxes. Blend will only pull asset data from the accounts selected by the borrower.
5. The borrower is brought to a screen, still hosted on the financial institution’s website, to review the account selections they made on the previous page. The borrower is required to consent to the financial institution’s Terms and Conditions before their asset data can be retrieved.
6. The borrower returns to the Blend platform and reviews account information.
7. Borrower reviews all of the assets entered and decides whether or not to include additional accounts.
8. After the borrower completes the assets workflow, they will receive an email from their financial institution informing them that they shared their data with the lender. The display of this email is controlled by the financial institution and not by Blend. In the example below, “Blend” would be replaced with the lender’s name.