SouthState Bank Transforms Mortgage Operations with Blend Close
Blend, a leading digital banking solutions provider, has successfully implemented its Close solution at SouthState Bank, resulting in significant improvements in borrower experience and operational efficiency. SouthState, a regional bank with $44 billion in assets and over 1 million customers, has transformed its mortgage operations with Blend's technology. Key outcomes include:
1. Reduced closing times to as little as 20 minutes for fully virtual closings
2. Decreased loan processing time from 7 days to 48 hours
3. Enhanced flexibility for remote closings, benefiting military personnel and borrowers unable to attend in-person
4. Improved loan officer capacity and borrower relationships
5. Increased operational efficiency and cost reduction
SouthState's Director of Mortgage Strategic Initiatives, Shane Horan, praised Blend's robust solution, which supports various eClose scenarios, from hybrid to full RON closings.
Blend, un fornitore leader di soluzioni bancarie digitali, ha implementato con successo la sua soluzione Close presso SouthState Bank, portando a significativi miglioramenti nell'esperienza dei mutuatari e nell'efficienza operativa. SouthState, una banca regionale con 44 miliardi di dollari in attivit脿 e oltre 1 milione di clienti, ha trasformato le sue operazioni ipotecarie grazie alla tecnologia di Blend. I risultati chiave includono:
1. Riduzione dei tempi di chiusura a soli 20 minuti per chiusure completamente virtuali
2. Diminuzione del tempo di elaborazione dei prestiti da 7 giorni a 48 ore
3. Maggiore flessibilit脿 per chiusure remote, a beneficio del personale militare e dei mutuatari impossibilitati ad assistere di persona
4. Miglioramento della capacit脿 degli ufficiali dei prestiti e delle relazioni con i mutuatari
5. Aumento dell'efficienza operativa e riduzione dei costi
Shane Horan, Direttore delle Iniziative Strategiche Ipotecarie di SouthState, ha elogiato la robusta soluzione di Blend, che supporta vari scenari di eClose, dalle chiusure ibride a quelle full RON.
Blend, un proveedor l铆der de soluciones bancarias digitales, ha implementado con 茅xito su soluci贸n Close en SouthState Bank, lo que ha resultado en mejoras significativas en la experiencia de los prestatarios y en la eficiencia operativa. SouthState, un banco regional con 44 mil millones de d贸lares en activos y m谩s de 1 mill贸n de clientes, ha transformado sus operaciones hipotecarias con la tecnolog铆a de Blend. Los resultados clave incluyen:
1. Reducci贸n de los tiempos de cierre a tan solo 20 minutos para cierres completamente virtuales
2. Disminuci贸n del tiempo de procesamiento de pr茅stamos de 7 d铆as a 48 horas
3. Mayor flexibilidad para cierres remotos, beneficiando al personal militar y a los prestatarios que no pueden asistir en persona
4. Mejora en la capacidad de los oficiales de pr茅stamos y en las relaciones con los prestatarios
5. Aumento de la eficiencia operativa y reducci贸n de costos
Shane Horan, Director de Iniciativas Estrat茅gicas Hipotecarias de SouthState, elogi贸 la robusta soluci贸n de Blend, que admite diversos escenarios de eClose, desde cierres h铆bridos hasta RON completos.
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SouthState鞚� 氇赴歆� 鞝勲灥 鞚措媹靺� 霐旊爥韯� Shane Horan鞚� Blend鞚� 臧曤牓頃� 靻旊（靺橃潉 旃艾頄堨溂氅�, 鞚措姅 頃橃澊敫岆Μ霌滊秬韯� 鞕勳爠 RON 韥措歆曣箤歆� 雼れ枒頃� eClose 鞁滊倶毽槫毳� 歆�鞗愴暕雼堧嫟.
Blend, un fournisseur leader de solutions bancaires num茅riques, a mis en 艙uvre avec succ猫s sa solution Close chez SouthState Bank, ce qui a entra卯n茅 des am茅liorations significatives de l'exp茅rience des emprunteurs et de l'efficacit茅 op茅rationnelle. SouthState, une banque r茅gionale avec 44 milliards de dollars d'actifs et plus de 1 million de clients, a transform茅 ses op茅rations hypoth茅caires gr芒ce 脿 la technologie de Blend. Les principaux r茅sultats comprennent :
1. R茅duction des d茅lais de cl么ture 脿 seulement 20 minutes pour des cl么tures enti猫rement virtuelles
2. Diminution du temps de traitement des pr锚ts de 7 jours 脿 48 heures
3. Am茅lioration de la flexibilit茅 pour les cl么tures 脿 distance, b茅n茅fique pour le personnel militaire et les emprunteurs ne pouvant pas 锚tre pr茅sents en personne
4. Am茅lioration de la capacit茅 des agents de pr锚t et des relations avec les emprunteurs
5. Augmentation de l'efficacit茅 op茅rationnelle et r茅duction des co没ts
Shane Horan, directeur des initiatives strat茅giques hypoth茅caires de SouthState, a lou茅 la solide solution de Blend, qui prend en charge divers sc茅narios eClose, des cl么tures hybrides aux cl么tures RON compl猫tes.
Blend, ein f眉hrender Anbieter digitaler Bankl枚sungen, hat erfolgreich seine 颁濒辞蝉别-尝枚蝉耻苍驳 bei der SouthState Bank implementiert, was zu erheblichen Verbesserungen im Nutzererlebnis der Kreditnehmer und in der betrieblichen Effizienz gef眉hrt hat. SouthState, eine Regionalbank mit 44 Milliarden Dollar an Verm枚genswerten und 眉ber 1 Million Kunden, hat ihre Hypothekenoperationen mit der Technologie von Blend transformiert. Zu den wichtigsten Ergebnissen geh枚ren:
1. Verk眉rzte Abschlusszeiten auf bis zu 20 Minuten f眉r vollst盲ndig virtuelle Abschl眉sse
2. Verminderte Kreditantragsbearbeitungszeit von 7 Tagen auf 48 Stunden
3. Verbesserte Flexibilit盲t f眉r Remote-Abschl眉sse, was milit盲rischem Personal und Kreditnehmern zugutekommt, die nicht pers枚nlich teilnehmen k枚nnen
4. Verbesserte Kapazit盲t der Darlehensoffiziere und Beziehungen zu den Kreditnehmern
5. Steigerung der betrieblichen Effizienz und Kostensenkung
Shane Horan, Direktor der strategischen Hypothekeninitiativen von SouthState, lobte die robuste L枚sung von Blend, die verschiedene eClose-Szenarien unterst眉tzt, von Hybrid- bis hin zu vollst盲ndigen RON-Abschl眉ssen.
- Reduced closing times from over an hour to as little as 20 minutes for fully virtual closings
- Decreased loan processing time from 7 days to 48 hours
- Improved operational efficiency and cost reduction across the board
- Enhanced flexibility for remote closings, benefiting various customer segments
- Increased loan officer capacity to focus on building borrower relationships
- None.
Insights
SouthState Bank's adoption of Blend's Close solution marks a significant operational upgrade in the mortgage sector. The reduction in closing times from over an hour to just 20 minutes for fully virtual closings is a game-changer, potentially increasing loan volume and customer satisfaction. The ability to process loans in 24-48 hours, down from 5-7 days, should substantially improve SouthState's cash flow and reduce carrying costs.
This efficiency gain could translate to higher profitability per loan and allow SouthState to compete more aggressively in the mortgage market. For Blend, this success story could drive adoption among other banks, potentially boosting its market share and revenues. However, investors should note that while this partnership demonstrates Blend's product efficacy, its impact on Blend's financials may take time to materialize fully.
The focus on operational efficiency and cost reduction aligns well with current banking trends, especially given the challenging interest rate environment. This move positions both SouthState and Blend favorably in a competitive landscape where speed and customer experience are increasingly differentiating factors.
Blend's Close solution represents a significant technological leap in mortgage processing. The platform's versatility in handling various eClose scenarios, from hybrid to full remote online notarization (RON), showcases its advanced capabilities. This flexibility is important in today's diverse lending landscape and positions Blend as a leader in digital mortgage technology.
The integration of this technology directly into the mortgage platform is a key technical advantage, streamlining workflows and reducing the need for multiple systems. This seamless integration likely contributes to the dramatic reduction in processing times and operational efficiencies reported by SouthState.
From a tech perspective, the ability to facilitate remote closings has broader implications beyond just convenience. It opens up possibilities for expanding market reach and could be particularly valuable in scenarios requiring social distancing or serving customers in remote locations. The success of this implementation could drive further innovation in the digital banking space, potentially leading to more comprehensive digital solutions across various banking products.
Adoption of Blend's Close solution has cut closing times to 20 minutes and reduced loan processing from 7 days to 48 hours, enhancing efficiency and borrower satisfaction
SouthState, a regional bank with
鈥�The number one thing for us was how robust the Blend Close solution is,鈥� said SouthState鈥檚 Director of Mortgage Strategic Initiatives, Shane Horan. 鈥淏lend 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. That was truly the clear benefit for us.鈥�
Key Partnership Outcomes
Enhancing The Customer Experience With Faster & More Convenient Closings
With Blend鈥檚 Close solution, SouthState has drastically reduced closing times, enabling some fully virtual closings to be completed in as little as 20 minutes鈥攃ompared to more than an hour for traditional wet-sign closings. The ability to close loans remotely from anywhere offers significant flexibility and convenience for SouthState customers, especially benefiting military personnel deployed overseas, individuals with spouses abroad, and borrowers unable to attend in-person closings.
Unlocking Loan Officer Capacity and Enhancing Borrower Relationships
This faster and more flexible closing experience has not only boosted borrower satisfaction, but also enabled SouthState鈥檚 loan officers to dedicate more time to building relationships with borrowers, rather than handling administrative tasks. The streamlined process facilitates faster in-person hybrid closings as well, with fewer documents to sign.
As stated by Shane Horan: 鈥淕etting 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鈥檚 a much quicker process in-person too.鈥�
Boosting Operational Efficiency with Shorter Loan Cycle Times
The ability to close loans faster and reach more remote borrowers has also translated into improved financial and operational outcomes for SouthState. Since implementing Blend Close, the biggest benefit the SouthState mortgage team has seen is across operational efficiency, which ultimately leads to cost reduction across the board. As a Fannie Mae and Freddie Mac seller servicer, the SouthState team has been able to send loans to Fannie and Freddie in just 24 to 48 hours 鈥� whereas before adopting a digital close solution, it could take up to five to seven business days.
Read the full case study .
About Blend
Blend (NYSE: BLND) is the leading origination platform for digital banking solutions. Financial providers鈥攆rom large banks, fintechs, and credit unions to community and independent mortgage banks鈥攗se Blend鈥檚 platform to transform banking experiences for their customers. Blend powers billions of dollars in financial transactions every day. To learn more, visit .
About SouthState Bank
SouthState Corporation (NYSE: SSB) is a financial services company headquartered in
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Press Contact
Chlo茅 Demeunynck
Corporate Communications
press@blend.com
Source: Blend
FAQ
How has Blend's Close solution improved SouthState Bank's mortgage closing times?
What impact has Blend's technology had on SouthState Bank's loan processing time?
How does Blend's Close solution benefit SouthState Bank's customers?
What types of eClose scenarios does Blend's solution support for SouthState Bank (BLND)?
