Blend Labs, Inc. (NYSE: BLND), a digital origination platform for financial institutions, has expanded its Verification of Income (VOI) capability through a partnership with Truework. The company also introduced supplemental asset reports to verify borrower employment during the pre-close verification process, enhancing its Verification of Assets (VOA) solution for mortgage lenders.
The enhanced Verification of Income and Employment (VOIE) offering, powered by Truework, now includes a manual solution named Smart Outreach. Truework’s Smart Outreach verification provides an automated approach for non-instant verifications, which is designed to eliminate manual workflows. This development aims to reduce the need for loan officers and processors to directly contact employers for income and employment verification, potentially increasing productivity in mortgage operations.
In addition to the expanded VOIE capabilities, Blend introduced Supplemental Asset Reports. These reports assist lenders in meeting the 10-day Pre-Closing Verification of Employment (VOE) guideline without requiring manual VOE documentation. By utilizing electronic data instead of paper-based methods, supplemental asset verification for employment is intended to streamline the process and increase confidence in closing dates.
Nima Ghamsari, co-founder and Head of Blend, stated, “Expanding Verification of Income and Verification of Assets capabilities is another demonstration of how Blend is dedicated to delivering best-in-class products while shouldering the tech lift so our clients experience only the value.” Ghamsari added that the company has built an offering that is an “appreciating asset,” highlighting disciplined investments in partnerships, workflows, and products like VOI and VOA to accelerate customers’ innovation in mortgage lending.
A McKinsey study indicates that a lender’s reputation for customer experience is as important to borrowers as securing the best rate. Furthermore, a Gitnux report notes that customer satisfaction can decrease by 10 points for every delay beyond the original closing estimate. In mortgage lending, both speed and transparency are considered critical. Blend’s VOIE process reportedly completes 55% of reports in under 24 hours and 87% in 72 hours or less, designed to help mortgage borrowers remain on schedule for closing.
Ghamsari also commented on the evolving workforce, stating, “As more of the workforce has mixed income sources and nontraditional earnings, the VOIE process is more important than ever.” He emphasized that adding manual verification of income without delaying the loan timeframe is a significant advancement. Coupled with Blend’s expanded VOA process, it aims to reduce friction and latency for lenders, ease the burden on internal teams for verifying edge cases, improve workflows, and demonstrate continuous innovation in home lending.
Blend Labs Inc. (NYSE: BLND) operates as an origination platform for digital banking solutions, serving large banks, fintechs, credit unions, and independent mortgage banks to enhance customer banking experiences.
