Blend Labs, Inc. (BLND) saw an incline of 1.2% in the aftermarket following the company’s participation in the Wells Fargo TMT Summit. However, the last trading session concluded at $11.66 with a decrease of 2.91%.
Wells Fargo TMT Summit – What’s up?
BLND announced on 19th November 2021 that on Thursday dated December 2, 2021, Tim Mayopoulos, President of Blend, will participate in a virtual fireside talk at the Wells Fargo TMT Summit. However, the debate will start at 8:40 a.m. ET/5:40 a.m. PT.
PRMG & BLND Relationship
BLND announced the expansion of its partnership with Paramount Residential Mortgage Group, Inc. (PRMG) on 17th November 2021. PRMG is also using Blend’s next-generation Encompass integration, LO Toolkit (a one-stop-shop for loan officers), and real estate agent mobile app. This demonstrates their dedication to digitizing the end-to-end mortgage process. Blend allows more time for PRMG’s loan teams to work one-on-one with consumers. It is done by enhancing efficiency for loan officers, processors, and closing teams. Moreover, loan officers may use Blend to unload repetitive work, improve the application and approval process, and provide superior customer service.
PRMG & BLND: What’s going on?
PRMG’s engagement with Blend is in its second full year. The company has seen them rise to the top not only as a point-of-sale provider but also for the full end-to-end borrower experience. BLND is already being used by a large portion of the retail business to fund loans, and the company expects the usage to skyrocket.
The company is also certain that this expanded cooperation with BLND will elevate PRMG’s efficiency in underwriting to a whole new level. Lastly, BLND is undoubtedly the best platform available in this field.
Third Quarter 2021 Results
BLND reported third-quarter 2021 results on 10th November 2021. The company added 17 new accounts to the entire client base. It includes Prosperity Bank, Valon Mortgage, UpEquity, and Accept, Inc. Moreover, the company has launched Blend Income Verification. It is a software application that clients may put on for an additional price, and over 50 customers have signed up thus far. Revenue from the Blend Platform division was $35.1 million, increasing 26% year over year and 9% sequentially. In addition, the total banking transaction volume increased by 24% year over year to over 525,000.
How was the quarter?
BLND set a new quarterly revenue record for the Blend Platform segment. This made the company grow by adding new customers across verticals, innovating to expand existing customer relationships, and developing and selling new products.
In terms of new products, BLND introduced the Blend Income Verification service in the third quarter. Also, it has signed over 50 clients so far. Overall, they are optimistic about the progress on the Blend Platform and the Title365 business integration.
