By Mary Ann Azevedo | HousingWire
This article was written for FinLedger, HW Media’s new fintech-focused news brand designed specifically for financial services professionals in banking, insurance and real estate. Stay tunedfor updates.
If you’ve refinanced or purchased a home digitally lately, you may or may not have noticed the company powering the software behind it.
There’s a good chance it’s Blend. Founded in 2012, the startup (which was one of HousingWire’s 2020 Tech 100 winners) has steadily grown to be a powerhouse in the mortgage tech industry. Blend’s white label technology is what powers mortgage applications on the site of banks such as Wells Fargo and U.S. Bankwith the goal of making the process faster, simpler and more transparent.
The San Francisco-based startup’s SaaS (software-as-a-service) platform currently processes over $3 billion in mortgages and consumer loans per day in partnership with over 250 financial institutions, up from nearly $2 billion and over 150 lender customers last June. Blend’s customer base accounts for more than 25% of the $2.1 trillion U.S. mortgage market by origination volume, according to HMDA data. In 2019, Blend processed a total of $538 billion in loans, more than double the $211 billion worth it processed in 2018.