Blend Labs Inc. Partners with The Federal Savings Bank for Rapid Mortgage Refinance Solution

On May 1, 2025, Blend Labs Inc. (NYSE: BLND), a leader in digital banking solutions, announced an exciting expansion of its partnership with The Federal Savings Bank (TFSB). This collaboration will introduce Rapid Refi, a revolutionary solution designed to significantly expedite the mortgage refinance process. Borrowers can now expect to move from application to Intent to Proceed in under 20 minutes, addressing a critical need in the current mortgage landscape.

The mortgage refinance industry has faced persistent obstacles, particularly concerning high fallout rates during customer rate shopping. With an industry average retention rate of only 12%, banks are losing billions in potential revenue. TFSB recognized the urgency of improving borrower retention and chose to implement Blend's Rapid Refi to tackle this pressing challenge.

Michael Belmont, Chief Technology Officer at TFSB, emphasized the importance of speed in the refinance process: “Refinance borrowers move quickly, and any delay or friction can lead to lost business. With Rapid Refi, we’re not just speeding things up—we’re delivering the kind of experience borrowers expect today.”

Blend’s Rapid Refi leverages hyper-personalization and automation to create a seamless experience for borrowers. The solution allows users to complete their refinance applications and receive disclosures in a single session, eliminating the need for human intervention. This innovative approach not only simplifies the process but also enhances borrower satisfaction.

Initial pilot programs for Rapid Refi have already shown promising results, with TFSB reporting an increase of over 20% in borrower retention. Nima Ghamsari, co-founder and CEO of Blend, highlighted the transformative potential of the solution: “Refinance transactions have long been plagued by outdated workflows and low retention. We built Rapid Refi to help lenders compete on speed, trust, and customer experience—and TFSB is the perfect example of how that vision comes to life.”

Rapid Refi is a game-changer in the refinancing process, combining connected data, intelligent automation, and hyper-personalization to move borrowers swiftly from inquiry to Intent to Proceed. This solution automates key steps, including qualification and disclosure handling, ensuring a truly rapid experience.

Currently, the first refinance types available under Rapid Refi include conventional cash-out and FHA Streamline refinances. Additional types, such as VA IRRRL and conventional rate/term refinances, are expected to be available in the first half of 2025, further expanding options for borrowers.

The partnership between Blend Labs Inc. and The Federal Savings Bank marks a significant step forward in the mortgage refinancing industry. By adopting innovative technology that prioritizes speed and borrower experience, TFSB is poised to enhance its competitive edge in a crowded marketplace. As the demand for efficient and user-friendly refinancing solutions continues to grow, the blend of technology and personalized service could redefine the borrower experience for years to come.

For more information on Blend’s Rapid Refi solution, interested parties can visit blend.com/rapid-home-refi/.