Banker Experience with Instant Home Equity

This article contains an overview of a banker's experience with Instant Home Equity applications.

• Starting a new application
• Inviting the applicant
• Application Details
  • Property Information
  • Personal Information
• Property Details
• Income
• Initial Offer
  • Update the loan amount
  • Adding a co-applicant
• Home Equity Intentions
• Liabilities
• Homeowners Insurance
• Flood Insurance
• Mortgage Liabilities
• Rental Income
• Hard Credit Pull
• Application Review
• Declarations, KYC, and HMDA
• Application Complete

  Note: The Instant Home Equity experience may vary based on your organization's specific configurations.

Starting a new application

To create a new Instant Home Equity Application:

1. Click + New Application and then select Full Application.
2. Select the Application Type to Instant Home Equity.
3. Fill out the primary applicant's information. If the applicant does not have an email at this time, check the No email yet box.
4. Click Create.
   

Inviting the applicant

After creating the new application you can click Invite applicant to send an invitation for them to complete it.

The applicant will receive an email with an activation link.

The applicant will create a password to activate their account and go the 2-Step Verification enrollment process. Single Sign On (SSO) applicants will follow your organization's log in experience.

You will see a message on the banker side informing you that the applicant is working on the application. If you complete the application on their behalf, you may potentially override some of their data.

Click Continue to complete the application on their behalf. Otherwise, click the X to close the message and wait for the applicant to complete the application.

Application Details

If you will be filling out the application, scripts will be displayed for bankers to be read to the applicant (in branch or over the phone) throughout the application.

Property Information

Enter the property address. By default, the Same as mailing address will be checked.

If the property address is not verified, you'll see a message to confirm spelling.

To edit the address click the Subject Property Address section on the left sidebar to go back.

If the address is correct, click Confirm spelling to proceed.

Personal Information

The applicant's full name and email address will populate from what was entered when the application was created. Capture the following information from the applicant:

• Phone number
• Date of birth (DOB)
• Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN)
• Marital status

Read the Patriot Act Notice to the applicant.

Read the Credit Consent script and capture the credit consent type (Verbal or Written). Check the box to acknowledge that you have received consent from the applicant to do a credit pull and click Continue to proceed.

If the application is declined, please read the script to the applicant. To learn more, click View decision details.

Otherwise, you'll be directed to the next section.

Property Details

Read the script to the applicant then proceed to fill out the property details.

• Property type
• Estimated property value
• Attachment type

If the applicant does not intend to occupy the property as their primary residence, you will need to capture if this HELOC will be used on an investment property.

If their mortgage payment does not include escrowed property taxes, you will need to capture the Annual property tax amount.

If their mortgage payment does not include escrowed homeowners insurance premiums, you will need to capture the estimated annual homeowners insurance premium.

If the property has an HOA, you will need to capture the annual HOA fee.

Income

If there's an instant income hit, the Income section will display the applicant's summary of income and employment records.

You can remove the income information by clicking the X on the top right corner and clicking Delete on the confirmation dialog.

Read the script to the applicant and click Continue to proceed to the next section.

Read the script to ask the applicant if there have any additional sources of employment. If there are, click Yes, add employment and fill out the details. Otherwise, click No, continue to proceed.

If there is no instant income hit, you'll be taken to the Additional Employment section to add the details manually.

Read the script to the applicant and proceed with the Employment History details.

Read the script and fill out the Employment Information details.

Read the script and review the Employment Summary section. To edit employment information click Edit. To include additional employment information click Yes, add employment. Otherwise, click No, all done to proceed.

If there are other sources of income, read the script and click Yes, add income to add more. Otherwise, click No, continue to proceed.

Initial Offer

Read the script and review the initial offer with the applicant. You can update the loan amount or click Continue to proceed.

Update the loan amount

Read the script, enter the requested loan amount, and click Continue.

Adding a co-applicant

If the applicant is interested in a larger amount, a co-applicant can be added to the application but it is not required.

Enter the co-applicant details and read the scripts to proceed with the application.

The workflow for adding a co-applicant will be similar to that of the applicant.

Note: Adding a co-applicant could impact the applicant's credit decision.

Home Equity Intentions

Capture the loan purpose. The selection here will determine what information will be asked from the applicant.

Liabilities

If the applicant is interested in consolidating any outstanding liabilities with the Home Equity Line of Credit, you may select the type that corresponds with the creditor and loan amount and click Continue to proceed otherwise click Non, skip.

Homeowners Insurance

The applicant will need to provide their homeowner's insurance details. You can upload the policy now or send a follow-up request.

Flood Insurance

If the home is in a flood zone, you can upload their policy now or send a follow-up request.

Mortgage Liabilities

Any mortgage liabilities pulled from the applicant's credit report will be displayed.

Enter the details for the mortgage liability not associated with the subject property.

Rental Income

If the applicant has rental income, it will be requested in the application.

Click Yes, add rental income, and include the information. Otherwise, click No, continue to proceed.

Hard Credit Pull

Read the script to obtain authorization from the applicant to perform a hard credit check. Click Continue to proceed.

Application Review

At this point, Blend will either automatically approve the application or require a manual review.

If the application requires manual review it will be indicated after the credit pull.

Declarations, KYC, and HMDA

Ask the applicant the declarations questions. A text box will appear when additional information is required.

Proceed with the KYC questions and HMDA section of the application. Depending on the collection method, an additional script may appear for you to read to the member.

Application Complete

Click Continue to application summary to review decision details and an overview of the application.

Disclosures & Digital Close

Instant Home Equity integrates with eClose service providers and electronically packages closing documents for borrower review. Blend Close for Instant Home Equity includes the following:

• Traditional Wet-sign Close enables the electronic packaging of closing documents for borrower review.
• Hybrid eClose enables the electronic packaging of closing documents for borrower review and eSign of select closing documents.

Within the Disclosures & Closing tab, users can find details on pending, active, or complete disclosures and closing packages. There is an integration that receives the closing details that the user populated in their LOS system.