Company Announcements

Nation’s second largest federal credit union to enhance automation, efficiency and member experience with Blend

SAN FRANCISCO--(BUSINESS WIRE)--Oct. 14, 2024-- 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

Source: Blend