US-based digital banking solutions provider Blend Labs has implemented its Close solution at SouthState Bank to transform its mortgage operations.
The adoption of Close has significantly enhanced the bank’s borrower experience and operational efficiency, said the company.
SouthState is a regional bank based in Winter Haven, Florida, with $44bn in assets and more than one million customers across the southeastern US.
The bank selected Blend’s Close solution to address the inefficiencies of its traditional, paper-based process.
Blend’s Close technology is embedded directly within the bank’s mortgage platform and supports all types of closings from traditional to fully online closings with a remote notary.
SouthState mortgage strategic initiatives director Shane Horan said: “The number one thing for us was how robust the Blend Close solution is.
“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.”
According to Blend, its Close solution helped SouthState reduce its closing times.
The solution enabled 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 remote capability provides flexibility and convenience for SouthState customers, especially benefiting military personnel deployed overseas, and individuals with spouses abroad.
Blend said that the faster and more flexible closing experience has not only enhanced borrower satisfaction but freed up loan officers to focus on building relationships.
Also, Close advances in-person hybrid closings, with fewer documents needing signatures.
The ability to close loans faster and reach more remote borrowers has also translated into improved financial and operational outcomes for SouthState, said the software company.
Since implementing Blend Close, the bank’s mortgage team has benefitted from the improved operational efficiency, which leads to cost reduction.
As a Fannie Mae and Freddie Mac seller servicer, SouthState can now send loans to Fannie and Freddie in just 24 to 48 hours, compared to 24 to 48 hours before implementing Close.
Shane Horan added: “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.”
