Fifth Third Bank, one of the largest banks in the Midwest, has teamed up with digital lending technology giant Blend to offer borrowers a streamlined home loan application process.
According to a Press release, the partnership will enable Fifth Third Bank customers to apply for a mortgage online and “use things that they know (such as bank or payroll credentials) to complete their application, saving time from having to hunt and find documents.”
Once the application is in, customers can use an online portal to track the status of their loan application, upload documents, consent, and sign electronically. The portal also notifies the borrower if there is additional information needed, as well as connect them with their loan officers and processors in real-time if they have any question.
“Customers want a simple way to apply for a mortgage online, yet they also don’t want to go it completely alone,” said Chris Shroat, head of mortgage for Fifth Third. “Partnering with Blend allows us to offer a simple, seamless online home financing experience. And our mortgage loan originators are there to shepherd the process to help ensure our customers are confident as they make what likely is the biggest purchase of their lives.”
Fifth Third has deployed Blend’s digital mortgage suite to its mortgage specialists across 11 states for purchase loans and refinances. Since rolling out the new digital process, the bank said that it has significantly increased its customer satisfaction score and reduced the average time to complete a loan application.
“Our goal is to anticipate challenges that may arise in the market and help our lender partners adapt quickly to meet the needs of their customers, especially during tough times,” said Blend co-founder and CEO Nima Ghamsari. “Our work with Fifth Third is a testament to this, and we’re proud to partner with them to allow future and current homeowners to have a simple and efficient end-to-end mortgage experience.”