Tavant launches two additional products for its AI-powered contactless lending platform – InsuranceNewsNet

The next evolution of Touchless Lending includes newly added products that automate underwriting for credit and collateral analysis.

SANTA CLARA, Calif. & NASHVILLE, Tenn.–(BUSINESS WIRE)–
TavantSilicon Valley’s leading provider of digital lending solutions, announced today during the MBA Annual at Nashville the launch of two highly anticipated new products Contactless loan™️, their widely used digital lending platform and signature fintech product brand. With these additions, Tavant further solidifies its status as the industry’s preferred mortgage automation partner by diversifying its AI-powered Lending-as-a-Service platform to include both credit and collateral analytics – two distinct product offerings newly available as part of the Touchless Lending product suite. This expansion marks an important step for Tavant as the organization moves towards unifying all of its Fintech products under one global product brand, Touchless Lending, which now includes experiences not only for underwriters and processors, but also for homebuyers, agents credit, brokers, real estate agents, etc.

Touchless Lending™️ provides direct mortgage processing and automated underwriting as part of the end-to-end mortgage manufacturing pipeline. Loan officers, processors, and underwriters use Touchless Lending’s optimized, machine-oriented workflows to interact with borrower and property data to make better, faster decisions instead of relying on physical documentation and manual data entry. This first-of-its-kind solution automates the loan origination process, allowing lenders to issue mortgages faster while reducing costs and repurchasing risk. Contactless Lending also integrates effortlessly with existing systems including customer CRM, POS and LOS.

“With the launch of Credit and Collateral Analysis, which perfectly complements our currently available products – Document, Income, Multi-Investor and Decision Analysis – Tavant can achieve their fully automated direct processing and underwriting goal sooner than expected,” said Mohamed RashidHead of Fintech Innovation at Tavant. “We are pragmatically reducing the processing and underwriting cost by approximately $1000 per loan and reach a double-digit subscription scale per day per subscriber. Additionally, the flexibility to deploy one of these products independently of the others, or to deploy it in a consistent package for subscription, greatly increases the ease of adoption of the platform.

Credit Analysis, now part of Touchless Lending, is an automated approach to underwriting the credit component of a mortgage application, which automates the review of credit reports for all borrowers on the loan application immovable. These reports include the following: a review of (1) debts, liabilities and use of credit, (2) public records to identify issues related to bankruptcy, foreclosure, judgment, liens and to fraud, (3) the applicant’s personal data against the credit report for verification purposes, and finally, (4) specific guidelines for investors and lenders (agencies and non-QM), which automatically increase the conditions as needed and then reassess key lending ratios. Contactless loan credit analysis can be completed in seconds, allowing underwriters to focus on other tasks and significantly reducing the overall cost and time required to underwrite and process a loan.

Collateral Analysis, the second new addition to Tavant’s contactless lending platform, automates an underwriter’s manual, labor-intensive assessment review process, allowing them to focus their attention on other pressing issues that require action. These features include the following: (1) GSE and private investor guidelines checks, (2) validation of appraisal information in the loan file, including title, sales agreement, floods, policies homeowners insurance, etc., (3) home images and appraiser analyzes feedback using various AI/ML techniques, and (4) FEMA, USPSand flood zone authentication. Eliminating manual review and data entry while automatically identifying and escalating issues allows for more accurate and faster decision making and close. Contactless loan collateral analysis benefits all channels of mortgage activity and goes far beyond the industry standard appraisal review tools available today.

As a leading provider of Fintech software and solutions for over 20 years, Tavant proactively anticipates customer needs and adapts accordingly to deliver the right configurable solutions. At Tavant Contactless loan™️ product suite, which now includes credit and collateral analytics, maximizes data-driven decision-making to solve even the most complex lender and borrower challenges. At Tavant the growing customer base is the source of one in three loans in United States.

About Tavant

Based at Santa Clara, California, Tavant is a digital products and solutions company that delivers impactful results to its clients through North America, Europeand Asia Pacific. Founded in 2000, the company employs over 3000 people and is a recognized employer. Tavant creates an intelligent, AI-powered lending enterprise by reimagining customer experiences, improving operational efficiency, and enhancing collaboration.

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Source: Tavant