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(Update 3/27) This change requires updates to product templates. Blend’s Professional Services team will be updating product templates for Auto and Specialty Vehicle, Credit Card, Personal Loan, and Instant Home Equity applications. Please contact your Blend representative to request an update on when your templates will be updated.
Date Available: Available after product template update
Which customers are impacted?: Customers who are using Credit Cards, Personal Loans, Auto Loans, and Instant Home Equity products on the Configurable Platform.
How to turn on: This feature will be automatically enabled in production environments per the date above.
Purpose of Update and Benefit:
For applications with co-applicants for Credit Cards, Personal Loans, Auto Loans, and Instant Home Equity loans on the Configurable Platform, the Compliance Report will now show Joint Applicant Consent. The Joint Applicant Consent represents the consent the primary applicant provides that they have access and authorization to provide information and consent on the behalf of their co-applicant. In addition to updating the Compliance Report, Joint Applicant Consent will be tracked in the Activity Log.
Current Behavior:
When a co-applicant is added to an application and the primary applicant provides consent on behalf of a co-applicant in the consumer or banker-initiated applications, that consent does not appear in the compliance report.
New Behavior:
When enabled, the primary applicant’s consent on behalf of their co-applicant will appear in the Compliance Report under the Joint Applicant Consent. This will apply whether the consent is received in either the consumer or banker-initiated applications. If there are no co-applicants, that section will be omitted from the Compliance Report. An example of a Compliance Report with the new Joint Applicant Consent is available here (see pages 7 and 15). Note: This document is hosted in Google Drive. If you cannot access content in Google Drive, please contact Blend Support or your Blend representative and request a PDF version.
Bankers will also see an entry in the Activity Log when consents are generated.
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