Blend Labs Inc Stock Price, News & Analysis

Blend, a leading origination platform for banking solutions, has announced a partnership with PenFed Credit Union to enhance its home lending operations. As the nation's second largest federal credit union with over $33 billion in assets and nearly 3 million members, PenFed aims to deliver a more seamless mortgage application experience for its members while providing loan officers with a cutting-edge platform.

Blend currently serves seven of the top 10 credit unions in the U.S. The partnership will leverage Blend's ecosystem of 70+ pre-built native integrations to automate key processes, simplify the member experience, and enhance loan team efficiency. Blend's consumer-grade loan officer tools will empower PenFed to serve more members, capture more business, and streamline back-end processes on a single platform.

Blend Labs, Inc. (NYSE:BLND) reported its Q2 2024 financial results, meeting revenue guidance and outperforming operating loss targets. Key highlights include:

- Total revenue: $40.5 million
- Blend Platform revenue: $28.7 million
- Title segment revenue: $11.8 million
- Consumer Banking Suite revenue: $8 million (37% YoY growth)
- GAAP loss from operations: $13.3 million (improved from $36.7 million in Q2 2023)
- Non-GAAP loss from operations: $5.6 million (improved from $17.9 million in Q2 2023)

The company announced a $25 million share repurchase program and provided Q3 2024 guidance with consolidated revenue expected between $39.5 - $43.5 million. Blend continues to focus on digital banking innovation and expanding customer relationships despite ongoing pressures in the mortgage industry.

Blend, a leading financial technology company, has announced its participation in the Canaccord Genuity 44th Annual Growth Conference. The event will take place in Boston on Wednesday, August 14, 2024. Nima Ghamsari, Co-Founder and Head of Blend, is scheduled to present at 8:00 am ET.

Investors and interested parties can access a live webcast of the presentation through Blend's investor relations website at investor.blend.com. For those unable to attend or watch live, a replay of the presentation will be available on the same website for one year following the conference.

This participation highlights Blend's commitment to engaging with investors and sharing insights about the company's growth and future prospects in the financial technology sector.

First National Bank of Fort Smith and its divisions have partnered with Blend, a digital banking solutions platform, to streamline their mortgage and HELOC application processes. The partnership aims to enhance efficiency and cost-effectiveness in loan origination. FNB Mortgage implemented Blend's platform in under six weeks, allowing for quick adoption of features like online document uploads, electronic disclosures, and automatic reminders. Ross Mallioux, Director of Mortgage Lending for FNB, emphasized the importance of automation and instant verifications in providing competitive pricing. Nima Ghamsari, Co-Founder of Blend, highlighted the platform's ability to help institutions execute quickly and with high quality.

Blend, a leading digital banking solutions platform, has partnered with Astra to enhance deposit account funding for consumers. This collaboration aims to accelerate account funding and promote deposits growth for Blend Deposit Account customers. The partnership introduces debit card funding as a more convenient alternative to traditional ACH transfers, offering a quicker and more seamless account funding process.

Key benefits include:

• Accelerated onboarding
• More activated accounts
• Reduced abandonment rates
• Smoother application experience
• Less manual intervention for support teams

Blend Labs, Inc. (NYSE: BLND), a leader in digital banking solutions, has announced the release of its second quarter 2024 financial results on Thursday, August 8, 2024, after market close. The company will host a conference call to discuss the results at 1:30 p.m. PT / 4:30 p.m. ET on the same day.

Investors and interested parties can access the live call through Blend's Investor Relations website at investor.blend.com. The website will also provide access to the company's earnings press release, financial information, and slide presentation. A replay of the call will be available on the same website following the live event.

Blend, a digital banking technology provider, has successfully implemented its Deposit Accounts solution at Langley Federal Credit Union (Langley). Since its launch in March 2024, Langley has reported significant improvements:

• A 37% increase in new digital deposit account openings
• A 25 percentage point drop in contact center intervention for approved applications
• Improved member NPS scores for digital account openings
• Smooth training and implementation process

Langley, with $5.3 billion in assets, partnered with Blend to transform their online consumer origination solutions. The credit union plans to further streamline their consumer lending solutions with Blend's Consumer Loans product next.

Horizon Bank, an $8 billion financial institution and division of Horizon Bancorp, Inc. (NASDAQ GS: HBNC), has partnered with Blend (NYSE: BLND) to enhance its mortgage lending process. Blend's Mortgage Suite will provide Horizon Bank with a digital mortgage solution that streamlines the application experience, reduces origination costs, and boosts loan officer productivity.

Key features include:

• Advanced automation and mobile capabilities
• Seamless integration with existing infrastructure
• LO productivity tools for faster customer service
• Desktop and mobile access for loan officers

Blend processes over 20% of the nation's total mortgage origination volume and has demonstrated an average reduction of 8 days in loan cycle time, resulting in $914 in average cost savings per loan.

Blend, a digital banking solutions provider, has partnered with Palmetto Citizens Federal Credit Union to enhance their mortgage and home equity experiences. Palmetto Citizens, with over $1.3 billion in assets, chose Blend for its intuitive mortgage solutions that improve member experience and boost loan officer productivity. The partnership aims to streamline the loan process through digital document delivery and signing, enabling faster funding and reducing errors.

Carol Addy, Chief Revenue Officer at Palmetto Citizens, emphasized their commitment to helping members achieve financial goals while providing a streamlined experience. Blend's technology will automate manual workflows and reduce steps in the application process. Additionally, Blend's loan officer tools will increase efficiency in serving borrowers, with capabilities accessible on both desktop and mobile platforms.