Blend Income Expands Verification Coverage through New Assets-Derived Income Capability

September 26, 2023 at 08:05 AM EDT

Integration with Freddie Mac’s AIM Check API can help automate and simplify income assessment to turn leads into applications

Blend, a leading provider of cloud banking services, today announced the addition of Assets-Derived Income to its existing Blend Income product. Blend Income is now integrated with Freddie Mac’s AIM Check application programming interface (API). The API, which utilizes Loan Product Advisor® (LPA^sm) asset and income modeler (AIM) independent of an LPA submission, enables Freddie Mac-approved Sellers and third-party originators to get a preliminary view of a borrower’s qualifying asset, income and employment before submitting a full application to LPA. With this newest enhancement, lenders will have an additional pathway to verify more income sources - including Social Security benefits, pension distributions, military benefits, child support and alimony payments - far earlier in the application process than traditionally feasible.

Blend Income pre-populates a consumer’s loan application with income and employment information derived from the consumer’s direct deposit history. After pre-filling the consumer’s application, Blend Income provides lenders with a real-time verification response and verified income report within the application flow, reducing the amount of paperwork for borrowers and giving lenders a more efficient and cost-effective way to accurately assess more income sources than ever before.

“By teaming with technology partners such as Blend, we are able to help lenders assess more income types quicker with AIM's innovative use of direct deposit data,” said Daniel Miller, Freddie Mac Single-Family Director of Strategic Technology Relationships. “This paves the way for lenders to reach more qualified borrowers, and ultimately brings us closer to our mission of making homeownership more accessible and affordable.”

“Blend remains committed to offering the best and most comprehensive mortgage solution on the market,” said Nima Ghamsari, Head of Blend. “Verification solutions today are costly, provide limited coverage for lenders, and are often targeted to a subset of industries or employment types. Through Assets-Derived Income, Blend is able to provide a fully integrated, single income verification solution with greater coverage and a seamless consumer experience at a competitive price.”

Blend continues to support Freddie Mac offerings, such as AIM for assets verification, borrower cash flow assessment, and rent payment history.

For more information on Blend's income verification capabilities, please visit https://blend.com/products/features/income-verification/.

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.

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