Nation’s second largest federal credit union to
enhance automation, efficiency and member experience with Blend
Blend (NYSE: BLND), the leading origination platform for banking
solutions, today announced a partnership with PenFed Credit Union
to enhance its home lending operations.
As the nation’s second largest federal credit union, with over
$33 billion in assets and nearly 3 million members, PenFed’s
decision to partner with Blend represents a significant step
towards delivering a more seamless mortgage application experience
for its members, while providing its loan officers with a
cutting-edge platform.
Blend: A Proven Partner to Credit
Unions
Blend currently serves seven of the top 10 credit unions in the
U.S. and provides deep experience and prescriptive recommendations
across the origination lifecycle to the PenFed team.
“From the onset, PenFed and Blend were aligned on our vision and
commitment to delivering an intuitive, easy, end-to-end experience
for our members and loan officers,” said PenFed President of
Mortgage, EVP Residential & Commercial Real Estate Winston
Wilkinson. “Blend’s proven track record with credit unions combined
with their experience provided us confidence in choosing them as
our long-term strategic partner.”
Intelligent Automation for a Streamlined
Member Experience
Blend’s ability to integrate with PenFed’s existing systems and
deliver extensive automation throughout the origination process was
another core component to the partnership. Blend’s ecosystem of 70+
pre-built native integrations enables the PenFed team to automate
key processes, including the generation and delivery of loan
conditions and documents.
This automation not only simplifies the member experience by
offering a fully digital, self-serve mortgage process, but also
enhances loan team efficiency through real-time document review and
task automation.
“We’re thrilled to partner with PenFed as they continue to set
the bar for digital transformation,” said Head of Blend Nima
Ghamsari. “At Blend, we've spent the past decade building a
platform that encapsulates every aspect of the home lending
process––from initial exploration all the way until the loan is
closed and the funds are received. We're excited to work with
PenFed to bring these to life and deliver personalized, efficient
experiences that scale with the needs of their members.”
Maximizing LO Productivity with
Consumer-Grade Tools
In addition to the time savings through origination, processing,
and underwriting, Blend’s consumer-grade loan officer tools will
empower PenFed to serve more members, capture more business, and
streamline back-end processes––all on one platform.
“Top-performing loan officers often prefer to manage their own
workflows,” noted Wilkinson. “Blend’s advanced loan officer tools
allow us to offer that flexibility, whether it’s deciding when to
pull credit or how to engage with a borrower, giving our team more
control and the ability to serve our members more effectively.”
Blend’s LO Toolkit supports loan officers on all key workflows
across the entire loan process in one workspace, enabling them to
be trusted advisors and operate more efficiently. The toolkit
features include the ability to track pipeline, communicate
instantly with borrowers, create new leads, and manage key
application milestones in one place.
About Blend
Blend (NYSE: BLND) is the leading origination platform for
banking solutions. Financial providers—from large banks, fintechs,
and regional credit unions to independent mortgage banks—use Blend
to transform banking experiences for their customers. To learn
more, visit blend.com.
About Pentagon Federal Credit Union
Established in 1935, Pentagon Federal Credit Union (PenFed) is
America's second-largest federal credit union, serving 2.9 million
members worldwide with over $33 billion in assets. PenFed Credit
Union offers market-leading certificates, checking, credit cards,
personal loans, mortgages, auto loans, student loans, and a wide
range of other financial services with members' interests always in
mind. PenFed Credit Union is federally insured by the NCUA and is
an Equal Housing Lender. To learn more about PenFed Credit Union,
visit PenFed.org, like us on Facebook and follow us @PenFed on
X.
Forward-Looking Disclaimer
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These statements generally relate to future events, future
performance or expectations and involve substantial risks and
uncertainties. Forward-looking statements in this press release may
include, but are not limited to, our expectations regarding our
product roadmap, future products/features, the timing of new
product/feature introductions, market size and growth
opportunities, macroeconomics and industry conditions, capital
expenditures, plans for future operations, competitive position,
technological capabilities and strategic relationships, as well as
assumptions relating to the foregoing. The forward-looking
statements contained in this press release are subject to risks and
uncertainties that could cause actual outcomes to differ materially
from the outcomes predicted. In some cases, you can identify
forward-looking statements by terminology such as “may,” “will,”
“should,” “expect,” “plan,” “anticipate,” “could,” “would,”
“intend,” “target,” “project,” “contemplate,” “believe,”
“estimate,” “predict,” “potential” or “continue” or the negative of
these terms or other comparable terminology that concern Blend’s
expectations, strategy, plans or intentions. You should not put
undue reliance on any forward-looking statements. Forward-looking
statements should not be read as a guarantee of future performance
or results and will not necessarily be accurate indications of the
times at, or by which such performance or results will be achieved,
if at all. Further information on these risks and uncertainties are
set forth in our filings with the Securities and Exchange
Commission. All forward-looking statements in this press release
are based on information available to Blend and assumptions and
beliefs as of the date hereof. New risks and uncertainties emerge
from time to time, and it is not possible for us to predict all
risks and uncertainties that could have an impact on the
forward-looking statements contained in this press release. Except
as required by law, Blend does not undertake any obligation to
publicly update or revise any forward-looking statement, whether as
a result of new information, future developments, or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241014501707/en/
Press Contact Chloé Demeunynck Corporate Communications
press@blend.com
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