Blend Income reports are delivered by Blend Insights, a consumer reporting agency that provides services to financial institutions and other creditors, including information related to consumer-authorized income and employment information. Blend Insights combines data from a network of reliable data sources to create a seamless consumer experience and accurate verification of consumer information.
Blend Income report generation
There will be one Blend Income report generated per employer and borrower. Blend Income reports will attempt to cover the last two years of income (current year, plus two previous years). All reports will be available for loan teams and borrowers in the documents section as soon as they are generated.
Blend Income reports generated from Instant Lookup
Blend Income reports for Instant Lookup will be generated after borrowers complete the Getting to Know You section. Instant Lookup reports will have an indicator labeled INSTANT VERIFICATION.
Blend Income reports generated from Login-Based Provider
Blend Income reports resulting from the Login-Based Provider method, including MyPay, will be generated after the borrower accepts the pre-filled income in the Income and Employment section of the application. For MyPay, up to six of the borrower’s most recent Leave and Earnings (LES) statements will also be generated. Login-based reports will have an indicator labeled LOGIN-BASED VERIFICATION.
Blend Income Report Document Types
Prequalification Income Statement
A prequalification report will be generated when Blend Income is attempted before ITP. The report will not include a Reference # and will be watermarked with “Not a final income report”. The document type for prequalification reports is BLEND_PREQUAL_INCOME_VERIFICATION.
Though the prequalification report does not show the GSE Reference ID in the document, the number will be included in the MISMO file for the loan so that the income data will be available for AUS runs before the upgrade event.
Note: The prequalification report only applies to lenders using Blend Income SKU 3. Contact your Blend representative if you are unsure which SKU is enabled for your environment.
Full Income Report
Full income reports include a Reference # at the top and do not have a watermark. The document type for the upgraded reports is “BLEND_INCOME_VERIFICATION".
The trigger points for lenders issuing disclosures in Blend
For lenders who issue disclosures in Blend, the full application report will be triggered when a borrower signs their initial disclosures package (packageType = “INITIAL_LOAN_ESTIMATE”). This will be the default trigger.
The trigger point for lenders issuing disclosures outside of Blend
For lenders who do not use disclosures in Blend, the full application report will be triggered when an ITP event is passed to Blend.
Note: For lenders using Blend Income SKU 1 or 2, the full report will be generated when Blend Income returns a successful hit from the borrower- or lender-initiated VOI or verification methods.
For lenders using SKU 3, an upgraded report will be generated after the loan reaches Intent to Proceed (ITP). Any prequalification reports that were previously generated will remain in the Docs tab, as well.
Contact your Blend representative if you are unsure which SKU is enabled for your environment.
Leave and Earnings Statement (LES)
Blend will deliver up to six LES documents for each borrower that uses our MyPay integration for military income. The document type for these files will be "MILITARY_LES".
Blend Employment Report
A Blend Employment Report is generated when loan teams reverify employment on the lender application. The document type for these reports is “BLEND_EMPLOYMENT_REPORT”. It is only possible to generate an employment report using Blend Income’s re-verification workflow.
Note: In production environments, it is not expected that a pre-qualification version of the Employment Report will be generated for borrowers.
For customers using Blend Income’s SKU 3 product, it is possible to generate a pre-qualification version in beta environments if the tester does not trigger Intent to Proceed (ITP) on the loan before requesting the VOE document. In production environments, the loan will likely achieve ITP before the loan team attempts to reverify income or employment, therefore generating the pre-qualification version of the VOE document is unlikely to occur.
Contact your Blend representative if you are unsure which SKU is enabled for your environment.