Joint Implementation With Lender Marks Tavant’s Entrance Into The Non-QM Space

Tavant, a Silicon Valley-based provider of digital lending solutions, and Newfi Lending, a technology-focused multi-channel mortgage lender, announced the successful integration of Newfi’s digital mortgage experience with Touchless Lending Document Analysis. This partnership marks Tavant’s official expansion into Non-QM Lending and a significant step in the evolution of Newfi’s business and advancement in the mortgage industry.

“We have only recently started with Tavant’s Touchless Documents, yet we already see returns in both labor effectiveness and data accuracy. Documents are just the first step for us, and we can’t wait to get started with Credit and Collateral in the near future,” said Amit Pall, SVP at Newfi Lending. “We have identified that our current implementation of Touchless Documents has realized an estimated 70% reduction in processing time and significantly reduced our dependency on FTEs and manual processes.”

Document Analysis is a proprietary product of Tavant’s Touchless Lending automation platform, designed to integrate with existing lender systems seamlessly, including CRMs, Point-of-Sales, LOS, and document management systems. Document Analysis completely transforms document processing by instantly recognizing documents, optimizing document-related workflows, and accurately automating document classification, indexing, splitting, categorization, pairing with borrowers, and data extraction. Leveraging Touchless Documents will provide Newfi with a more streamlined and seamless experience for all involved stakeholders.  

Tavant’s partnership with Newfi to integrate Touchless Documents into their digital mortgage experience will feature machine-oriented classification, as well as handle Exception Processing for documents with low confidence rates, allowing for fully end-to-end document processing. Furthermore, documents processed through are sourced from Newfi’s Broker Portal (BLU), which is also integrated with Touchless Lending, specifically the platform’s Origination Experience designed for brokers and TPO partners.

“All in all, Tavant has taken care of Newfi’s broker interface, broker feature functionality, and broker uploads of documents, which are then routed to Document Analysis, where we are doing the machine-oriented classification,” said Mohammad Rashid, Head of Fintech Innovation at Tavant.“At our current stage, Touchless Lending is classifying and processing all documents for Newfi’s loans, which include over 358 different types of documents, with over 88,000 pages processed every month. We are reducing the number of people in the loop and the need for manual reviews, and we are doing it end-to-end.

Newfi has fully deployed Tavant’s Document Analysis solution into production. This is the first step in Newfi’s integration with Touchless Lending, which will feature implementations of the platform’s Credit Analysis and Collateral Analysis automation in early 2023.

Tavant’s Touchless Lending platform maximizes data-driven decision-making to solve even the most complex lender and borrower challenges. Tavant’s growing customer base originates one out of every three loans in the United States.