(Update) Automatically triggering Blend Income verification at ITP

(Update) Automatically triggering Blend Income verification at ITP

Date Available:

Gradual rollout to prod environments beginning May 16.

Which customers are impacted?:

Customers using Blend Income for mortgage and home equity use cases.

How to turn on:

This feature will automatically be enabled for Blend Income customers.

Purpose of Update and Benefit:

As part of Blend Income’s commitment to streamlining the application process and reducing downstream errors, unnecessary costs, and improving the experience for loan officers and borrowers, we’re making a change to the product. Going forward, Blend Income will now be automatically attempted when a loan reaches intent to proceed (ITP). This feature will remove the burden for loan teams to remember to verify income at key points in the application process and reduce the number of requests for income verification once it has already been pulled.

This feature will be gradually enabled for all customers using Blend Income for mortgage and home equity use cases beginning on May 16. Please reach out to Blend Support or your Blend representative if you have questions about this feature or if you would like to opt-out or discuss other automations for Blend Income.

Current Behavior:

Automatically running Blend Income at ITP is available, but is not enabled for customers by default.

New Behavior:

When a loan that has not previously attempted verification of income (VOI) through Blend Income or TWN reaches intent to proceed (ITP), Blend Income will attempt to verify income and employment upon delivery of ITP. This will allow lenders to rely on Blend Income VOI for follow-up-only loans, disclosure-only loans, and lender-initiated loans (as long as VOI was not attempted by TWN or Blend Income prior to ITP). Borrower consent for this verification attempt at ITP will be based on the borrower's authorization in the Borrower Certification & Authorization form signed as part of the initial disclosures package.

If the hit is successful, a Blend Income report will be generated and made available to loan teams and borrowers in the Docs tab of the lender application, and in the Documents tab in the borrower home page.

For customers who use disclosures in Blend, VOI will be triggered when a borrower signs their initial disclosures package. This will be the default trigger for any Blend Income customer who uses disclosures in Blend. For customers using Encompass NextGen, Blend has an ITP event listener that will automatically post ITP to Blend when it is received through the LOS. Lastly, customers that sync the PROCESSING and/or UNDERWRITING LOS milestones to Blend can leverage those milestones as ITP proxies.

If both TWN and Blend Income are configured to trigger at ITP, Blend Income will be attempted first before falling back to TWN.

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