Additional controls to prevent bypassing Property address in the lender application for refinance

Available Now, Opt-In

Purpose of Update and Benefit: For refinance loans, we have added two additional configurations to ensure that the Property address fields are entered into the lender application. These new configurations were built to address any compliance concerns that lenders may have around refinance loan applications proceeding without an address.

This is an opt-in configuration. Please contact Blend Support to enable this in your environment(s). 

Current Behavior: Currently, loan teams are able to bypass entering a Property address in the “Subject property info” section by either checking the “No address yet” checkbox or by entering “TBD” in the Address 1 and Address 2 fields. 

New Behavior:

Remove ‘No address yet’ checkbox for Refis

When enabled, the “No address yet” checkbox will not be visible in the “Subject property info” section of a refinance loan. This configuration is retroactive - meaning, any previously-entered refinance loan with the checkbox checked will see that the checkbox has been removed and all Property address boxes will be editable. 

Do not accept TBD for Refi Property Address

When enabled, Address 1 and Address 2 fields in the “Subject property info” section will show an error if “TBD” is written into either field for refinance loans. Loan teams will also be prevented from saving the loan until the error is resolved. 

For previously-entered refinance loans, the errors will appear if loan teams attempt to save the application again while “TBD” is entered into either field. 

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