Home equity borrowers prioritize speed over small rate differences, Blend Labs says
BLND•Blend Labs says five-day home equity closings are becoming a competitive baseline as borrowers prioritize speed over small rate differences.
1. Speed shapes competition
Blend Labs says five-day home equity closings are becoming a competitive baseline as borrowers prioritize speed over small rate differences. It says outdated processes and single application queues can delay straightforward loans, while routing applications by complexity can shorten closing times.
2. Ways to reduce delays
Blend Labs says daily monitoring and shared closing deadlines can reduce delays. Reusing customer data and making eligibility decisions early may offer longer-term gains, while banks and credit unions risk losing borrowers to fintech lenders if they respond slowly.
