Randolph-Brooks Federal Credit Union Selects Blend to Transform its Loan Origination Experience
10th Largest Credit Union in the U.S. Chooses Blend’s Mortgage Suite and Home Equity Solution
SAN FRANCISCO, March 19, 2024--(BUSINESS WIRE)--Blend, a leading provider of cloud banking services, announced today that Randolph-Brooks Federal Credit Union (RBFCU) has selected Blend’s Mortgage Suite - including income verification and Blend Close - to streamline their mortgage origination process. RBFCU will also adopt Blend’s Home Equity solution, providing their members access to a fully digital, end-to-end home equity product that significantly reduces loan application approval times.
"Helping our members achieve their financial goals while providing a personalized member experience has always been a top priority for RBFCU," RBFCU’s Senior Vice President-Mortgage Victor Williams said. "When we looked at all of our options, Blend was the best culture fit given their focus on member experience. We are thrilled to partner with Blend to further elevate our mortgage and home equity lending offerings. We believe this collaboration will not only enhance our operational efficiency, but also enable us to better serve the evolving needs of our members."
Blend’s Mortgage Suite eliminates an average of 8 days from the overall loan cycle time - from processing to closing - resulting in $914 in average cost savings per loan, according to a 2023 impact analysis conducted by MarketWise Advisors.
In addition, with Blend's Home Equity solution, RBFCU will now be able to offer an easier home equity origination experience. This enhanced application process has proven to usher consumers from intent to closing in the way they want; it will assist RBFCU members whether they desire to be in front of the credit union’s world-class member service representatives or on the highly rated digital platforms at rbfcu.org and the RBFCU Mobile® app. Through Blend’s partnership, RBFCU members will navigate through verification services and a closing experience that will help them save time and money.
"At Blend, we are committed to empowering financial institutions with the tools they need to thrive in today's digital landscape," said Erik Wrobel, Head of Product at Blend. "We are pleased that RBFCU has chosen Blend and we look forward to working closely with them to drive innovation, improve efficiency, and deliver exceptional experiences to their members and loan teams alike."
To learn more about Blend’s digital lending solutions, please visit www.blend.com.
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 Randolph-Brooks Federal Credit Union
Established in 1952, Randolph-Brooks Federal Credit Union is a full-service financial cooperative whose mission is to improve members’ economic well-being and quality of life. With assets exceeding $18 billion, RBFCU serves more than 1 million members at 62 branch locations throughout Texas, and online at rbfcu.org and the RBFCU Mobile® app.
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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