Blend has signed a definitive agreement to acquire Title365, the digital mortgage and consumer banking platform announced Monday (March 15).
Writing on the company blog, Blend’s chief executive said the acquisition will allow the digital lending technology provider to offer customers better title, escrow and settlement services, all things well within the Title365 wheelhouse.
“When we complete the acquisition, Title365’s services will be integrated with Blend’s digital platform, which allows users to automate title commitment upon loan application submission, digitally reconcile settlement fees in real time, and streamline communication between lenders, settlement teams, and consumers,” Blend Founder and CEO Nima Ghamsari said.
“Bringing together Blend’s technology and engineering talent with Title365’s deep industry and operational expertise will help us to minimize costs and inefficiencies by deeply integrating title and settlement into the loan process.”
The news comes two months after Blend announced it had closed a $300 million Series G funding round, which the company has said would be used for expansion and investment in offerings for financial institutions.
Blend’s consumer banking platform includes a connected infrastructure for deposit accounts, consumer loans and mortgages, along with a mortgage platform that lets homebuyers complete financing from one location.
“In the last few years, Blend has created a homeowner’s insurance marketplace where consumers can shop for competitive rates in real time across more than 25 insurance carriers, now used by 70+ financial institutions including U.S. Bank and First Horizon Bank,” Ghamsari writes. “Similarly, Title365 will be part of a title marketplace that allows lenders and consumers to choose the best partner for their needs.”
Blend has argued this technology has gone from convenient to crucial due to the COVID-19 pandemic putting a halt to face-to-face meetings.
In an interview last year with PYMNTS, Ghamsari stressed the idea of “data, not documents” to ease the process of applying for a home loan for both borrowers and lenders.
It creates a level of transparency that helps financial institutions, giving them better tools to manage risk while allowing consumers to interact with lenders across digital channels.