The short version
Blend is enterprise SaaS. You subscribe, borrowers experience your brand on Blend's infrastructure, and you pay per funded loan at a quoted rate. The platform is broad, polished, and continuously improved, and none of it is yours. The subscription is the product.
SpyGlass is licensed software. You pay once at a quoted fixed price, the source code is delivered to your organization, and the platform runs inside your own Azure subscription, wrapped around your Encompass LOS. An optional annual agreement covers updates and support. The asset is the product.
Choose Blend if
- You are a bank or enterprise lender standardizing consumer lending beyond mortgage
- You want a vendor-managed SaaS with no infrastructure involvement at all
- Vendor scale and a public-company balance sheet are requirements, not preferences
- Per-funded-loan economics work in your favor at your volume and mix
Choose SpyGlass if
- You are an independent mortgage bank or credit union with roughly 10 to 200 loan officers
- Encompass is your system of record and you want it wrapped, not replaced
- You want the borrower experience, CRM, and marketing consolidated on code you own
- Flat, predictable technology cost matters more than a famous logo on the invoice
- Your risk team prefers data that never leaves your own tenant
What we are not claiming
We are not claiming SpyGlass is more proven, more polished, or more widely adopted. It is none of those things yet. We are claiming the structure is different in ways that compound: the bill does not grow with your production, the code and data are yours, and the vendor cannot sunset what you own. If the structure matters to you, the comparison below is the whole argument.