Blend introduces computer visioning functionality

'Blend Vision' eliminates the need for the manual stare-and-compare process

By Francis Monfort

25 Jun 2018

Digital lending platform Blend has announced the rollout of Blend Vision, a new functionality that aims to help loan teams get the most out of data in uploaded documents by eliminating the stare-and-compare process.

The company said that even though 70% of borrowers choose to connect directly to source data in the Blend application, 100% of Blend loans still include at least one uploaded document.

Blend Vision is a form of computer visioning that can parse uploaded lender-required documentation to determine if certain conditions are met. It then triggers automated follow-ups to satisfy those conditions. Blend said its automated follow-up workflow allows borrowers to satisfy conditions with 50% fewer interactions.

The company said Blend Vision is different from other optical character recognition products because it is native to the point-of-sale system and comes with quality controls. To ensure data accuracy, Blend Vision includes controls to guarantee quality including automated data validation, real-time monitoring, and manual quality control. Blend also said that the functionality allows loan teams to do away with having to find, sign with, and manage a technology vendor outside of an existing technology stack.

“This new technology will translate to huge efficiencies, additional days shaved off of loan funding time, and decreased loan origination costs,” Blend said. “While paper documents will likely comprise a large percentage of mortgage applications over the next several years, Blend Vision will empower lenders to review the documents efficiently and accurately.”