Shortening Asset Token Retention in Blend

Available: Beta N/A, Prod 2/14

Which customers are impacted?: All customers using Asset Refresh in Blend. Since Asset Refresh is an out-of-the-box configuration, this will impact nearly all customers. 

How to turn on: The shortened asset token retention will take effect in customer environments automatically on the dates listed above. 

Purpose of Update and Benefit:

For Asset Refresh, Blend is reducing the length of time that asset tokens are active. In the past, asset token retention length was set to 365 days with a small set of customers defaulting to 14 days. After reviewing usage data of Asset Refresh across all customer environments, we found that only a small percentage of Asset Refresh attempts occurred beyond the 14 day period. In an effort to align product capabilities with usage, asset token retention will default to 120 days or 14 days, whichever more closely aligns with a customer’s current usage of Asset Refresh. 

• Any customer for which less than 20% of their Asset Refresh attempts occurred beyond 14 days after borrower(s) connected their accounts will have the asset token retention policy for their deployment default to 14 days. 

• Any lender for which greater than 20% of their Asset Refresh attempts occurred beyond 14 days after borrower(s) connected their accounts will have their asset token retention policy for their deployment default to 120 days. 

Loan team members will be able to send the Asset Statement follow-up to borrowers if they need to refresh assets after the retention period expires. Contact Blend Support or your Blend representative if you have questions and to confirm the adjusted asset token retention length for your environment(s).

Current Behavior:

Currently, asset retention tokens are active for either 365 days or 14 days after the borrower initially connects to their accounts using Blend.

New Behavior:

The asset token retention for each customer environment will be shortened to either 14 days or 120 days. The timer starts after the borrower first connects to their asset accounts using Blend’s assets workflow. 

Other than the shortened retention period, there are no additional changes to the expected behaviors when connecting or refreshing assets. While tokens are active, lenders can initiate Assets Refresh from the lender application without requiring borrowers to reconnect their accounts. When the retention period is over after 14 or 120 days, Blend will deactivate connections to borrowers’ asset accounts. Asset retention periods will also expire when a loan gets purged from Blend, or when a borrower requests to opt-out of financial account access (whichever comes first).

If loan team members need to refresh assets on a loan after the asset token expires, they will be able to request borrowers reconnect to their asset accounts using the Asset Statement follow-up. This will create a new asset token and allow loan teams to refresh assets while the token remains active. 

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