Blend Labs Inc. (NYSE: BLND), a leading origination platform for digital banking solutions, today announced that The Federal Savings Bank (TFSB), a top privately held, federally chartered veteran-owned bank with $1.18 billion in assets, has expanded its partnership with Blend to implement Rapid Refi, a solution that dramatically shortens the refinance process—from application to Intent to Proceed—in less than 20 minutes.
“From the moment we saw Rapid Refi, we were all in,” said Michael Belmont, Chief Technology Officer at The Federal Savings Bank. “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.”
TFSB selected Rapid Refi to address a critical industry challenge: high fallout during rate shopping. Refinance retention across the banking industry remains low—just 12% on average—resulting in billions in lost revenue. And in a market where customer retention is becoming a key growth driver, even modest gains can create meaningful strategic advantages.
To address this, TFSB is reimagining the borrower journey with Blend’s hyper-personalized and automated experience that enables borrowers to complete their refinance application and receive disclosures in a single, seamless session, without the need for human intervention. For lenders like TFSB, adopting Blend’s Rapid Refi has already shown early promise, with pilot programs driving more than a 20% increase in borrower retention.
“Refinance transactions have long been plagued by outdated workflows and low retention,” said Nima Ghamsari, co-founder and CEO of Blend. “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.”
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