Only export Letters of Explanation (LOEs) after borrowers answer and sign all LOEs

Date Available: Available now, opt-in

Which customers are impacted?: Customers who pull credit and use LOE follow-ups in Blend.

Required?: No, opt-in.

How to turn on: If you’d like to take advantage of this functionality, please email support@blend.com.

Purpose of Update and Benefit:

After credit is pulled, Blend can generate LOE follow-up tasks to ask borrowers to explain sources of large deposits, reasons for late payments, verifying addresses, and providing outcomes for each public record (judgments, tax liens, bankruptcies, etc.). Some LOEs require borrowers to upload supporting documentation in order to complete the task, which will then post the document to the LOS and trigger a notification. In cases where a borrower’s credit has multiple instances of large deposits, late payments, etc., this will trigger multiple exports as these LOEs are completed. 

With this update, Blend will change the document generation logic so that LOE documents are only posted once all LOEs have been completed. This will reduce the amount of noise created by notifications in the LOS. 

Current Behavior:

Currently, each LOE is posted in READY status as the borrower is providing a response to each, which causes the LOE to be exported each time.

New Behavior:

With this change, the document will be posted in the SIGNATURE_REQUESTED status instead, which will prevent an export. After the borrower signs the document, it will then move to READY and therefore trigger an export.

Customers may choose to enable this new feature for one, all, or a subset of the following LOEs: 

• Address verification

• Credit inquiries

• Large deposits

• Late payments

• Public records

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