Latest news with #RapidRefi
Yahoo
5 days ago
- Business
- Yahoo
PHH Mortgage Expands With Blend to Enhance Refinance and Home Equity Experiences for Borrowers
Partnership brings speed, personalization, and automation to home lending SAN FRANCISCO, June 16, 2025--(BUSINESS WIRE)--PHH Mortgage, one of the largest mortgage servicers in the U.S., and a subsidiary of Onity Group Inc. (NYSE: ONIT), is expanding its partnership with Blend Labs, Inc. (NYSE: BLND) to deliver faster, more seamless refinance and home equity experiences for borrowers. PHH Mortgage has expanded its use of Blend's technology platform, already powering its mortgage lending operations, to now include Rapid Refi and Rapid Home Equity. As part of its ongoing digital transformation, the move will help PHH meet rising borrower expectations and deepen relationships across the homeownership journey, from mortgage origination to refinancing and home equity lending. Both refinance and home equity are particularly important opportunities for loan servicers in today's market. "Many homeowners today are still paying elevated mortgage rates or sitting on untapped home equity," said Colin Friday, Senior Vice President of Consumer Lending at PHH Mortgage. "As interest rates shift, many of these borrowers are actively exploring ways to improve their financial position—whether refinancing to lower monthly payments or using equity for major expenses. Blend's Rapid Home Lending suite helps us meet them in those key moments with a fast, intuitive experience that reduces fallout and builds lasting loyalty." With Blend's digital banking platform at the core, the Rapid suite of solutions are designed for speed, personalization, and efficiency, helping PHH to streamline operations and stay ahead of the next wave of lending demand. Together, they unlock new capabilities that will enable PHH to: Increase automation and operational efficiency across loan teams through deep data connectivity that pre-fills borrower information and eliminates manual steps—turning a traditionally tedious process into a seamless digital experience. Improve ease of use for borrowers by surfacing personalized, pre-qualified offers at the start of the journey—so customers know exactly what options are available without having to dig. Strengthen customer retention and recapture by meeting borrower expectations for speed and simplicity, reducing fallout, and reinforcing PHH's role as a trusted financial partner in every stage of homeownership. "PHH Mortgage's adoption of Rapid Refi and Rapid Home Equity reflects the growing momentum among top-tier servicers who are prioritizing retention and digital transformation," said Nima Ghamsari, co-founder and CEO of Blend. "This moment in the industry marks a fundamental shift. Servicers are no longer just managing loans, they're investing in long-term customer relationships. And in today's market, speed matters more than ever. Borrowers are rate shopping in real time, and lenders have only minutes, not days, to engage them. The institutions that move fast and deliver seamless, personalized experiences will be the ones that win." About Blend Rapid Home Lending Blend's Rapid Home Lending suite is built to eliminate friction from the refinance and home equity process—delivering automated, pre-filled applications, real-time verifications, and instant disclosures. Early pilots have shown up to 1.5x higher pull-through rates and reduced time to close by over 50%. Learn more at About Blend Blend Labs Inc., (NYSE: BLND) is a leading digital origination platform for banks, credit unions, and mortgage lenders. From mortgages to consumer loans to deposit accounts, Blend helps financial institutions streamline workflows, launch faster, and deliver standout customer experiences. In 2024, Blend's platform powered $1.2 trillion in loan applications. Learn more at About Onity Group Onity Group Inc. (NYSE: ONIT) is a leading non-bank financial services company providing mortgage servicing and originations solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. PHH Mortgage is one of the largest servicers in the country, focused on delivering a variety of servicing and lending programs. Liberty is one of the nation's largest reverse mortgage lenders dedicated to providing loans that help customers meet their personal and financial needs. We are headquartered in West Palm Beach, Florida, with offices and operations in the United States, the U.S. Virgin Islands, India and the Philippines, and have been serving our customers since 1988. For additional information, please visit 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 and Onity Group'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 and Onity Group do 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 Contacts Press Contact Chloé DemeunynckCorporate Communicationspress@ Dico AkseraylianSVP, Corporate Communicationsmediarelations@
Business Wire
5 days ago
- Business
- Business Wire
PHH Mortgage Expands With Blend to Enhance Refinance and Home Equity Experiences for Borrowers
SAN FRANCISCO--(BUSINESS WIRE)--PHH Mortgage, one of the largest mortgage servicers in the U.S., and a subsidiary of Onity Group Inc. (NYSE: ONIT), is expanding its partnership with Blend Labs, Inc. (NYSE: BLND) to deliver faster, more seamless refinance and home equity experiences for borrowers. PHH Mortgage has expanded its use of Blend's technology platform, already powering its mortgage lending operations, to now include Rapid Refi and Rapid Home Equity. As part of its ongoing digital transformation, the move will help PHH meet rising borrower expectations and deepen relationships across the homeownership journey, from mortgage origination to refinancing and home equity lending. Both refinance and home equity are particularly important opportunities for loan servicers in today's market. 'Many homeowners today are still paying elevated mortgage rates or sitting on untapped home equity,' said Colin Friday, Senior Vice President of Consumer Lending at PHH Mortgage. 'As interest rates shift, many of these borrowers are actively exploring ways to improve their financial position—whether refinancing to lower monthly payments or using equity for major expenses. Blend's Rapid Home Lending suite helps us meet them in those key moments with a fast, intuitive experience that reduces fallout and builds lasting loyalty.' With Blend's digital banking platform at the core, the Rapid suite of solutions are designed for speed, personalization, and efficiency, helping PHH to streamline operations and stay ahead of the next wave of lending demand. Together, they unlock new capabilities that will enable PHH to: Increase automation and operational efficiency across loan teams through deep data connectivity that pre-fills borrower information and eliminates manual steps—turning a traditionally tedious process into a seamless digital experience. Improve ease of use for borrowers by surfacing personalized, pre-qualified offers at the start of the journey—so customers know exactly what options are available without having to dig. Strengthen customer retention and recapture by meeting borrower expectations for speed and simplicity, reducing fallout, and reinforcing PHH's role as a trusted financial partner in every stage of homeownership. 'PHH Mortgage's adoption of Rapid Refi and Rapid Home Equity reflects the growing momentum among top-tier servicers who are prioritizing retention and digital transformation,' said Nima Ghamsari, co-founder and CEO of Blend. 'This moment in the industry marks a fundamental shift. Servicers are no longer just managing loans, they're investing in long-term customer relationships. And in today's market, speed matters more than ever. Borrowers are rate shopping in real time, and lenders have only minutes, not days, to engage them. The institutions that move fast and deliver seamless, personalized experiences will be the ones that win.' About Blend Rapid Home Lending Blend's Rapid Home Lending suite is built to eliminate friction from the refinance and home equity process—delivering automated, pre-filled applications, real-time verifications, and instant disclosures. Early pilots have shown up to 1.5x higher pull-through rates and reduced time to close by over 50%. Learn more at About Blend Blend Labs Inc., (NYSE: BLND) is a leading digital origination platform for banks, credit unions, and mortgage lenders. From mortgages to consumer loans to deposit accounts, Blend helps financial institutions streamline workflows, launch faster, and deliver standout customer experiences. In 2024, Blend's platform powered $1.2 trillion in loan applications. Learn more at About Onity Group Onity Group Inc. (NYSE: ONIT) is a leading non-bank financial services company providing mortgage servicing and originations solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. PHH Mortgage is one of the largest servicers in the country, focused on delivering a variety of servicing and lending programs. Liberty is one of the nation's largest reverse mortgage lenders dedicated to providing loans that help customers meet their personal and financial needs. We are headquartered in West Palm Beach, Florida, with offices and operations in the United States, the U.S. Virgin Islands, India and the Philippines, and have been serving our customers since 1988. For additional information, please visit 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 and Onity Group'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 and Onity Group do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.
Business Wire
01-05-2025
- Business
- Business Wire
The Federal Savings Bank Partners with Blend to Power a Faster
SAN FRANCISCO--(BUSINESS WIRE)--Blend Labs Inc. (NYSE: BLND), a leading origination platform for digital banking solutions, today announced that The Federal Savings Bank (TFSB), a top privately held, federally chartered veteran-owned bank with $1.18 billion in assets, has expanded its partnership with Blend to implement Rapid Refi, a solution that dramatically shortens the refinance process—from application to Intent to Proceed—in less than 20 minutes. 'From the moment we saw Rapid Refi, we were all in,' said Michael Belmont, Chief Technology Officer at The Federal Savings Bank. 'Refinance borrowers move quickly, and any delay or friction can lead to lost business. With Rapid Refi, we're not just speeding things up—we're delivering the kind of experience borrowers expect today.' TFSB selected Rapid Refi to address a critical industry challenge: high fallout during rate shopping. Refinance retention across the banking industry remains low—just 12% on average—resulting in billions in lost revenue. And in a market where customer retention is becoming a key growth driver, even modest gains can create meaningful strategic advantages. To address this, TFSB is reimagining the borrower journey with Blend's hyper-personalized and automated experience that enables borrowers to complete their refinance application and receive disclosures in a single, seamless session, without the need for human intervention. For lenders like TFSB, adopting Blend's Rapid Refi has already shown early promise, with pilot programs driving more than a 20% increase in borrower retention. 'Refinance transactions have long been plagued by outdated workflows and low retention,' said Nima Ghamsari, co-founder and CEO of Blend. 'We built Rapid Refi to help lenders compete on speed, trust, and customer experience—and TFSB is the perfect example of how that vision comes to life.' About Blend Rapid Refi Blend Rapid Refi transforms the refinance experience by combining connected data, intelligent automation, and hyper-personalization to take borrowers from inquiry to Intent-to-Proceed in a single 'rapid' session. By automating qualification, disclosure handling, and capturing Intent-To-Proceed, borrowers can move quickly and effortlessly through the entire process, creating a truly rapid experience. For Blend's Rapid Refi solution, the first refinance types—conventional cash-out and FHA Streamline—are generally available. Additional types, including VA IRRRL and conventional rate/term refinances, are slated for release in the first half of 2025. To turn refinance opportunities into funded loans faster, visit About Blend Blend Labs Inc. (NYSE: BLND) is a leading origination platform for digital banking solutions. Financial providers—from large banks, fintechs, and credit unions to community and independent mortgage banks—use Blend's platform to transform banking experiences for their customers. Better banking starts on Blend. To learn more, visit About The Federal Savings Bank The Federal Savings Bank is the largest, privately held, veteran owned and operated bank in the country. As a federally chartered bank, we are proud to be a nationwide mortgage lender, supporting borrowers in all 50 states. By fusing cutting-edge technology with personalized care, we help make the home lending journey as smooth and efficient as possible. To learn more, visit 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.
