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Tavant Has Added To Its AI-Powered Touchless Lending Platform

Tavant, a digital lending solutions provider, has launched two highly anticipated new products to Touchless Lending. Tavant has diversified its AI-powered Lending-as-a-Service platform to include both Credit Analysis and Collateral Analysis – two separate product offerings newly available as part of Touchless Lending’s suite of products. This expansion marks a significant milestone for Tavant as the organization makes steps towards unifying all of its Fintech products under one overarching product brand, Touchless Lending, which now includes experiences not just for underwriters and processors but also for home buyers, loan officers, brokers, realtors, and more. 

Touchless Lending provides straight-through mortgage processing and automated underwriting as part of the end-to-end mortgage manufacturing pipeline. Loan officers, processors, and underwriters utilize Touchless Lending’s machine-oriented, optimized workflows to engage with borrower and property data to make better decisions faster instead of relying on physical documentation and manual data entry. This one-of-a-kind solution automates the loan production process, allowing lenders to originate mortgages quicker while reducing costs and repurchasing risks. Touchless Lending also effortlessly integrates with existing systems, including client CRM, POS, and LOS.

“With the launch of Credit and Collateral Analysis, which seamlessly complement our currently available products – Document, Income, Multi-Investor, and Decision Analysis – Tavant can achieve their goal of straight-through processing and fully automated underwriting sooner than expected,” said Mohammad Rashid, Head of Fintech Innovation at Tavant. “We pragmatically reduce the cost to process and underwrite by approximately $1000 per loan and achieve a scale of double-digit underwrites per day per underwriter. In addition, the flexibility to deploy any one of these products independently of the others, or deploy in a cohesive package for underwriting, significantly increases the platform’s ease of adoption.”

Credit Analysis, now part of Touchless Lending, is a machine-based approach to underwriting the credit component of a mortgage application, which automates the review of credit reports for all borrowers on the application for a home loan. These reports include the following features: a review of (1) debts, liabilities, and credit utilization, (2) public records to identify issues pertaining to bankruptcy, foreclosure, judgment, liens, and fraud, (3) applicant personal data against the credit report for verification purposes, and lastly, (4) investor and lender-specific guidelines (both agency and non-QM), which automatically raises conditions as needed and subsequently reevaluates the primary loan ratios. Touchless Lending Credit Analysis can be performed in seconds, thereby alleviating time for 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 Touchless Lending platform, automates an underwriter’s manual, labor-intensive appraisal 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 guideline checks, (2) validating appraisal information across the loan file, including title, sales contract, flood, homeowners’ insurance policies, etc., (3) home images and appraiser comment analysis using various AI/ML techniques, and (4) FEMA, USPS, and Flood Zone authentication. Eliminating manual review and data entry while identifying and escalating issues automatically allows for more accurate and faster decisioning and closing. Touchless Lending Collateral Analysis benefits every mortgage channel of business and goes far beyond industry standard appraisal review tools available today.