Blend announced the launch of Blend Income Verification, a new product for financial services firms that delivers instant income verification for mortgages and, soon, consumer loans and deposit account opening. The new tool acts as a single income verification provider across banking products and lending scenarios by combining multiple data sources and verification methods, enabling financial services firms to streamline credit risk assessments for all types of consumers. Over 25 customers, including one of the five large banks in the U.S., American Federal Mortgage, Lennar Mortgage, and IBC Mortgage have already signed on for the product. Traditional methods of income verification require consumers to submit various forms of documentation, including pay stubs, W2s, and tax returns, to determine a consumer?s ability to pay back a loan. Data from these documents must then be manually extracted and reviewed, which can prolong approvals and lead to delays. With the new income verification product, Blend customers will be able to significantly reduce processing and underwriting work by pre-populating loan applications with verified payroll, tax, and asset data sourced directly from data service providers. Blend Income Verification is an authorized report supplier for both Fannie Mae?s Desktop Underwriter? (DU?) validation service and Freddie Mac?s asset and income modeler (AIM), allowing financial services firms to easily take advantage of these programs for mortgages they manage through Blend. Additionally, the product will be fully integrated into Blend?s cloud banking platform, enabling customers to rapidly activate and configure the new income verification capabilities across products. Blend Income Verification is currently available for Blend?s mortgage product, and will soon scale to all the company?s consumer banking offerings.