Ability to specify a Trust or LLC as a borrower

Available Now

Purpose of Update and Benefit: Blend has added the ability for loan officers and/or borrowers to indicate that a borrower is a corporate entity (either a Trust or an LLC), as well as capture additional information on that entity. This update now allows our customers to adopt a standardized intake process in Blend, rather than switching between POS systems. While this release allows a lender to set a borrower as an entity, the application still sets the borrowing party as an individual and requires personal details (name, date of birth, SSN, etc).

Additionally, specifying a Trust/LLC will require the additional follow-ups:

• Certificate of Good Standing

• Certificate of Organization

• Bylaws or Operating Agreement

• Articles of Incorporation

This is an opt-in configuration. Please contact Blend Support or your Blend representative to enable this in your environment. 

Current Behavior:

Currently, neither the borrower nor loan officer application allows for setting corporate entities as the borrower. 

New Behavior:

Once configured, borrowers will see a slider asking them to indicate whether the property will be vesting in a Trust or LLC. Moving the slider to the “Yes” position will surface two additional questions asking about the entity:

• Vesting type

• Company name

The following fields will appear in the lender application, and loan teams will be able to adjust them accordingly. For borrower-initiated apps, these fields will pre-fill with the information added by the borrower. Currently, the borrower is asked to fill in the company name.

Additional follow-ups will be requested to gather more information about the entity:

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