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Date Available: Available now in beta and prod
Which customers are impacted?:
Lenders who wish to enable this feature (and are using Encompass as their LOS).
Required?: No, opt-in.
How to turn on: This will not be automatically enabled for our customers. It will be available beginning on the dates listed above. If you’d like to take advantage of this functionality, please email support@blend.com.
Purpose of Update and Benefit:
This feature adds formal support for Land/Lot purchase loans for customers on Encompass. This feature includes exposing a loan tile in the loan or journey chooser, and updates the application workflow with fields specific to land/lot purchases.
Current Behavior:
Previously, Land/Lot was not supported for customers on Encompass.
New Behavior:
Now available, Encompass customers can request the land/lot loan be enabled for their tenant for borrowers and/or lender users to create land/lot loans.
There are five possible loan purpose options that can be configured from a Blend-defined list. The five possible property type options are as shown below:
Once enabled, borrowers will have access to the loan tile in the loan chooser or journey chooser and lenders will have access to create land/lot loans within the lender application. Additionally, users can select the desired property type.
Borrower view
Lender View
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