The digital mortgage software provider Blend, which has 230 bank clients, has seen spikes in usage. The Blend platform sees between 15,000 and 20,000 applications per day and is processing daily loan values as high as $8b.
Timothy Mayopoulos, president of Blend, said the coronavirus is creating an additional sense of urgency for financial institutions that may have been on the fence about investing in digital mortgage technology before. “But there has been interest in digital technology for lots of other reasons before and will continue to be,” he said. Another mortgage tech vendor, Black Knight, has not seen a change in behavior since the coronavirus outbreak. “Adoption of our digital mortgage tech continues to be strong, but doesn’t appear to be driven specifically by this as of yet,” a spokesperson said.