Horizon Bank partners with Blend to transform mortgage lending

Horizon Bank, a prominent $8 billion financial institution and division of Horizon Bancorp, Inc. (NASDAQ GS: HBNC), has announced a significant new partnership with Blend (NYSE: BLND), a leading digital banking solutions provider. This collaboration aims to transform Horizon Bank’s mortgage lending process through advanced digital technology. The deal marks a pivotal move towards enhancing the bank’s mortgage application experience with a more streamlined and efficient digital solution.

Transforming the mortgage application process

Blend’s Mortgage Suite is set to revolutionise the home buying process at Horizon Bank by integrating seamlessly with the bank’s existing systems. The advanced digital mortgage solution automates manual workflows and reduces the number of steps required for borrowers to complete their applications. This integration promises to provide a smoother and more efficient lending experience, thus enhancing customer satisfaction while reducing origination costs and improving operational efficiency.

David Pendley, President of Retail Mortgage Banking at Horizon Bank, emphasised the importance of the partnership, stating that Blend’s advanced automation and loan officer mobile capabilities made the decision to upgrade an easy choice. Pendley noted that the goal was to find a technology partner that could deliver a fast, efficient, and convenient home buying application experience for customers.

Boosting loan officer productivity

Blend’s platform is designed to enhance the productivity of Horizon Bank’s Loan Officers. The tools offered by Blend’s Loan Officer productivity suite enable users to start applications, pull credit, structure loans, grant pre-approvals, and lock in rates with greater ease and speed. These capabilities are accessible both on desktop and through Blend’s LO Mobile App, allowing loan officers to manage applications and engage with new leads while on-the-go. This technological advancement is expected to significantly increase the efficiency and effectiveness of loan officers in a competitive market.

With over 12 years of experience in developing leading mortgage and consumer lending solutions, Blend serves hundreds of financial institutions, including 35 of the nation’s top 100 banks by assets under management and 13 of the top 30 mortgage originators by lending volumes. Currently, more than 20% of the nation’s total mortgage origination volume is processed through Blend’s platform.

Impact on mortgage lending

An independent 2023 impact analysis of Blend’s mortgage customers revealed that the integration of Blend’s Mortgage Suite reduces the overall loan cycle time by an average of 8 days, from processing to closing. This acceleration results in an average cost saving of $914 per loan. Nima Ghamsari, Co-Founder and Head of Blend, expressed enthusiasm about the collaboration, highlighting Blend’s commitment to equipping financial institutions with cutting-edge tools to excel in today’s competitive market.

Blend’s platform is at the forefront of digital banking transformation, powering billions of dollars in financial transactions daily for a diverse range of financial providers, including large banks, fintechs, credit unions, and independent mortgage banks.