Update to Asset Statement Follow-Up

Available now in beta, 6/28 prod

Note: This feature was initially announced earlier this year, but was held in beta while we resolved a bug that was uncovered in testing. This bug has now been fixed and the feature is ready to be re-tested. We will be releasing this feature to production environments on June 28. Lenders who would like to turn this on earlier than that may reach out to Blend Support to have this enabled at any time.

Purpose of Update and Benefit: 

This is an update to the “Asset Statements” Follow-up. An automation is being implemented to request manually uploaded statements if the borrower declines or is unable to connect their account. 

Current Behavior:

The “Asset Statements” Follow-up has a radio button where Loan Officers (LOs)/Processors can indicate if they want to prompt the borrower to either (a) connect accounts or (b) manually upload their statements.

If the borrower does not choose the same method that the LO/Processor indicated prior to pushing the Follow-up (i.e., the LO selected “Connect Account(s)” but the borrower opts out and wants to only upload their docs), the Follow-up will close out and show as “complete” and will not allow the borrower to perform any action. Also, the Follow-up may be marked as completed on the lender side even in instances in which the borrower has performed no action.

New Behavior:

If the LO selects the “Connect Account(s)” option when sending the Asset Statement follow-up, borrowers will be prompted to Edit (if they’ve previously connected this account) or Connect (if the account information was only entered manually) to their accounts.

If the borrower-entered accounts match both the account type and institution entered by the loan officer, the borrower-entered account will replace what was entered by the loan officer. If neither account type nor institution match, or if only one of them match, both the borrower and loan officer-entered accounts will remain.

The LO will only see the Asset Statement Follow-up marked as complete for only the following scenarios:

• The borrower has connected their account and a Generated Asset Statement (GAS) has been produced for all accounts
• The Borrower uploaded bank statements

In scenarios where borrowers attempt to move on from the Asset Statement follow-up screen without successfully connecting their accounts (e.g., by clicking the “No, I’m all done” button), they will be prompted to manually add their account information.

Borrowers will need to upload asset statements via the “Upload” button on this screen. They will not be able to proceed until this is done.

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