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Fifth Third Bank And Blend Partner To Increase Lending Efficiency
With customer demand and the need for more digital solutions accelerated by the COVID-19 pandemic, Fifth Third is looking to prioritize creating digital experiences to better engage its customers.
"Customers want a simple way to apply for a mortgage online, yet they also don't want to go it completely alone," said Chris Shroat, head of mortgage for Fifth Third. "Partnering with Blend allows us to offer a simple, seamless online home financing experience. And our mortgage loan originators are there to shepherd the process to help ensure our customers are confident as they make what likely is the biggest purchase of their lives."
The bank rolled out a new application to its mortgage specialists spanning 11 states for mortgages and refinancing. The implementation of the digital solution has caused the bank's customer satisfaction score to increase and the average time to fund a loan to decrease.
Fifth Third customers are now able to digitally apply for a mortgage and use things that they know (such as bank or payroll credentials) to complete their application, saving time from having to hunt and find documents. Once the application is in, they can use an online portal to track the status of their loan application, upload documents, consent and sign electronically and receive reminders if there is additional information needed, according to the release. The bank's mortgage loan officers and processors are available and can collaborate in real-time if they want.