Company Announcements

Adoption of Blend's Close solution has cut closing times to 20 minutes and reduced loan processing from 7 days to 48 hours, enhancing efficiency and borrower satisfaction

SAN FRANCISCO--(BUSINESS WIRE)--Oct. 21, 2024-- Blend, the leading origination platform for digital banking solutions, is pleased to announce the successful implementation of its Close solution at SouthState Bank (SouthState), resulting in significant enhancements to borrower experience and operational efficiency.

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SouthState, a regional bank with $44 billion in assets and over 1 million customers across the southeastern United States, sought Blend’s Close solution to overcome the inefficiencies of its traditional, paper-based process. Since adopting Blend’s Close technology, which is embedded directly within the mortgage platform and supports all types of closings from traditional to fully online closings with a remote notary, SouthState has transformed its broader mortgage operations.

“ The number one thing for us was how robust the Blend Close solution is,” said SouthState’s Director of Mortgage Strategic Initiatives, Shane Horan. “Blend offers all the various types of eClose scenarios, from a hybrid without an e-note, a hybrid with an e-note, and all the way up to a full RON closing with a Blend notary. That was truly the clear benefit for us.”

Key Partnership Outcomes

Enhancing The Customer Experience With Faster & More Convenient Closings

With Blend’s Close solution, SouthState has drastically reduced closing times, enabling some fully virtual closings to be completed in as little as 20 minutes—compared to more than an hour for traditional wet-sign closings. The ability to close loans remotely from anywhere offers significant flexibility and convenience for SouthState customers, especially benefiting military personnel deployed overseas, individuals with spouses abroad, and borrowers unable to attend in-person closings.

Unlocking Loan Officer Capacity and Enhancing Borrower Relationships

This faster and more flexible closing experience has not only boosted borrower satisfaction, but also enabled SouthState’s loan officers to dedicate more time to building relationships with borrowers, rather than handling administrative tasks. The streamlined process facilitates faster in-person hybrid closings as well, with fewer documents to sign.

As stated by Shane Horan: “Getting face-to-face time with borrowers is really the main concern for our LOs. They don't want to miss the closing because they feel like they have that borrower relationship to foster. Now they're able to do that virtually and still get the same benefits in a much shorter period of time. And even for a hybrid close, there are fewer documents that have to be signed, so it’s a much quicker process in-person too.”

Boosting Operational Efficiency with Shorter Loan Cycle Times

The ability to close loans faster and reach more remote borrowers has also translated into improved financial and operational outcomes for SouthState. Since implementing Blend Close, the biggest benefit the SouthState mortgage team has seen is across operational efficiency, which ultimately leads to cost reduction across the board. As a Fannie Mae and Freddie Mac seller servicer, the SouthState team has been able to send loans to Fannie and Freddie in just 24 to 48 hours — whereas before adopting a digital close solution, it could take up to five to seven business days.

Read the full case study here.

About Blend

Blend (NYSE: BLND) is the 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. Blend powers billions of dollars in financial transactions every day. To learn more, visit blend.com.

About SouthState Bank

SouthState Corporation (NYSE: SSB) is a financial services company headquartered in Winter Haven, Florida. SouthState Bank, N.A., the company’s nationally chartered bank subsidiary, provides consumer, commercial, mortgage and wealth management solutions to more than one million customers throughout Florida, Alabama, Georgia, the Carolinas and Virginia. The bank also serves clients coast to coast through its correspondent banking division. Additional information is available at SouthStateBank.com.

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.

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Press Contact
Chloé Demeunynck
Corporate Communications
press@blend.com

Source: Blend