Refreshing Assets in Blend

Blend's Asset Refresh feature allows lenders to refresh borrower assets seamlessly through the lender workspace. Lenders can select which accounts to refresh (pull two months of assets data) from the accounts a borrower has connected during the application process or through the completion of an Asset follow-up.

• Key features of Asset Refresh
• Request an Asset Statement follow-up
• How to refresh assets in Blend
• Assets Frequently Asked Questions (FAQs)
  • What does Connected, Locked, and Not Connected mean?
  • How can borrowers re-connect their accounts if they did not connect them during the application process?
  • How do I know if the borrower connected their asset account?
  • How do I know if asset statements were generated?
  • How long does the asset account connection stay active?
  • How do borrowers connect asset accounts in Blend?
  • How can the borrower disconnect their financial institution from Blend?

Key features of Asset Refresh

• Easy, centralized way to review and refresh two months of asset statements in Blend.
• Eliminate the need for borrowers to collect additional bank statements since you can update statements for connected accounts.
• Increase loans eligible for GSE Rep and Warranty programs.
• Unlimited access to refreshing assets, at no extra cost.

Request an Asset Statement follow-up

1. Go to the Follow-ups tab.
2. Click Add.
3. Select Start new list.
4. Select Asset Statements from the Commonly Used list or use the search bar to search for the follow-up.
5. Click Review request.
6. Select the borrower to receive the follow-up.
7. Choose Connect accounts.
8. You can use the message box to send a personalized message to your borrower.
9. Click Review request.
   

   Note: If you choose Document upload, the borrower will be requested to upload a copy of their statements and will not be asked to connect their accounts.
   

10. Lastly, click Send request to send the follow-up request now or click Save and close to save the follow-up request as a draft.

How to refresh assets in Blend

After the borrower has successfully connected their accounts, Assets can be refreshed on the lender side. Additionally, assets can be refreshed in Encompass using the KensieMae plug-in. Refer to Asset Refresh - Encompass to learn more.

To refresh assets in Blend:

1. Navigate to the Assets section of the Application Page.
2. Click Refresh Assets.
3. Select the accounts you wish to refresh
4. Click Refresh accounts.
5. A "Refreshing assets" message will appear. This may take a minute or two.
   
6. When finished, you will see the following statuses for refreshed accounts.

All updated asset statements will be uploaded to the Docs tab once available.

Assets Frequently Asked Questions (FAQs)

What does Connected, Locked, and Not Connected mean?

Connected

The borrower originally connected this account and Blend has refreshed the Generated Asset Statement for the last 2 months of data.

Locked

The borrower originally connected this account, but it requires multi-factor authentication. Blend has re-issued the Asset Connectivity workflow as a follow-up for the borrower to reconnect. Once completed, Blend will generate the updated Generated Asset Statement for this account.

Not Connected

The borrower manually provided account statements for this account. Blend has re-issued an Account Statement follow-up for the borrower to upload updated account statements.

How can borrowers re-connect their accounts if they did not connect them during the application process?

If the borrower did not connect their asset accounts during the application process, you can Request an Asset Statement follow-up. The Asset Statement follow-up will prompt the borrower to connect to their bank accounts or to upload bank statements. If the borrower chooses to connect their accounts and the connection is successful, you will be able to refresh those accounts using the Assets Refresh on the lender side.

How do I know if the borrower connected their asset account?

Navigate to Application > Assets > Refresh Assets. The account status will either say Connected, Not Connected, or Locked.

How do I know if asset statements were generated?

If Blend was able to pull asset data and generate asset statements, you'll find the statements in the DOCS tab shortly after the task is completed by the borrower.

Alternatively, you can review the activity logs to confirm. When statements are generated, you'll see an activity event as "API User: [API user] added a document. File Name [File Name.pdf]" Refer to How to tell if Generated Asset Statements (GAS) were pulled or if the borrower manually uploaded a copy to learn more.

How long does the asset account connection stay active?

The borrower's connection to the financial institution in Blend will stay active for 14 days after the initial connection is established. After this time has elapsed, borrowers will need to re-authenticate to refresh any asset statements.

Additionally, the connection will deactivate if:

• The loan gets purged in Blend
• The borrower requests to opt out of financial account access.

How do borrowers connect asset accounts in Blend?

Refer to Assets - Blend Basics video to learn how borrowers connect asset accounts in Blend.

How can the borrower disconnect their financial institution from Blend?

Lenders can assist borrowers with disconnecting their financial institutions from Blend by following the steps outlined in If a borrower wants to disconnect their linked bank accounts.

If further assistance is needed, borrowers can reach out to privacy@blend.com. They must include:

• The name of the lender
• The email address the borrower(s) used to apply in Blend