PRMG Increases Application Conversions and Reduces Costs with Blend’s Soft Credit Functionality
18 Juillet 2023 - 3:00PM
Business Wire
Blend, a leading provider of cloud banking services, announced
today that Paramount Residential Mortgage Group (PRMG) has seen a
substantial increase in application conversions and significant
cost savings after implementing Blend, which is the first digital
banking platform to support soft credit pulls in the mortgage
pre-qualification process.
PRMG has been a Blend customer for more than four years and was
one of the first to pilot its soft credit solution with Automated
Underwriting System (AUS) functionality in July 2022. The Corona,
California-based lender previously relied on tri-merge hard credit
pulls to pre-qualify borrowers, which can cost lenders upwards of
$50 per credit file compared to nearly half the cost for a soft
credit file. In addition, hard credit pulls may negatively impact
the borrower’s credit score and can also result in the sale of
trigger leads to data brokers and competing mortgage companies,
adding friction to the borrower experience and impacting a lender’s
pipeline.
“Before implementing Blend, our loan officers were spending
considerable time and resources using tri-merge hard credit pulls
early in the origination process. If the borrower decided not to
move forward, we were forced to absorb the cost of that hard credit
pull as a loss,” said Kevin Peranio, Chief Lending Officer at PRMG.
“With Blend’s soft credit solution, you’re defending your time,
your money, your borrower’s experience, and your loan
pull-through.”
Lenders can expect to save up to 71% in costs after adopting
soft credit into their workflows compared to utilizing all hard
inquiries. And by minimizing the barriers associated with hard
credit inquiries, lenders are more likely to increase conversion
rates.
“Soft credit pulls help accelerate transparency and create
informed consumers that can make better choices,” said Jordan
Brown, Founding Principal and CEO of MarketWise Advisors, LLC.
“It’s a nice intersection of technology and practical process
improvement. This is a straightforward win-win for both the lender
and the consumer.”
“PRMG has always been a frontrunner in adopting best-in-class
lending technology,” said Nima Ghamsari, Co-founder and Head of
Blend. “We are thrilled to see the impact that our soft credit
feature has in helping them optimize their pre-qualification
process, enhance risk assessment, cut costs, and ultimately provide
their borrowers with a better lending experience.”
For more information on Blend’s soft credit pre-qualification,
please visit https://blend.com/products/features/soft-credit/.
About Blend
Blend is the infrastructure powering the future of banking.
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 PRMG
‘Built by Originators for Originators’™
For over two decades, PRMG has established a very solid footing
as one of the nation’s most innovative and fastest growing,
multi-channel lenders in the mortgage space. PRMG boasts some of
the best Martech in the business. We know the importance of
technology, how it integrates with our systems and platforms, and
how to leverage it for our originators and business partners to
deliver best in class service! To learn more, visit
prmg.net.
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
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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
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a result of new information, future developments, or otherwise.
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