Lender accelerates digital transformation, scales operations, and enhances the overall mortgage experience.
Tavant, a Silicon Valley-based provider of industry-leading digital lending solutions, and American Financial Resources, Inc. (AFR), a national mortgage lender, operating in the wholesale, correspondent, and retail origination channels, have partnered to enhance the lender’s digital mortgage experience, end-to-end. Leveraging Tavant’s Touchless Lending™, AFR’s correspondent lenders, mortgage brokers, loan originators, and consumers will now be able to automate the traditionally cumbersome lending process, providing a more streamlined and seamless experience for all stakeholders.
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Tavant’s Touchless Documents instantly recognizes documents, automating document classification, indexing, splitting, categorization/subcategorization, pairing with borrowers, and data extraction with the highest accuracy. Additionally, the Touchless Lending platform integrates seamlessly with existing lender systems, including CRMs, Point-of-Sales, LOS, and document management systems, to optimize document-related workflows, organize and process documents faster, and deposit the results of the document classification and data extraction back into the system of record.
“With the launch of FinDecision being so successful, adding Tavant’s Touchless Documents into the mix seemed like the logical next step,” said Scott Dubnoff, Chief Technology Officer at American Financial Resources, Inc. “And we were right. Their implementation was a smooth and painless process. It took about six weeks to integrate Tavant’s product into our systems fully. After one month of running Touchless Docs with real data, we determined their document classification accuracy greatly surpassed our expectations. We have only just started with this technology yet are already seeing returns in both labor efficiency and data accuracy. We have only scratched the surface with document classification and plan to expand to data extraction next. This opens even more possibilities for automation as we look to expand usage of the product to other areas of our process.”
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Before deploying Touchless Documents, processing broker-submitted loan documents was time-consuming and labor-intensive, requiring the utilization of a pool of human resources and turnaround times that could potentially be overnight. After implementing Tavant’s Touchless Documents, what used to take hours now takes minutes. Brokers can get immediate feedback on their file uploads and provide direct input to their borrowers on requested document uploads. After only one month of usage, Touchless Docs has processed close to 500 loans and over 90k pages of loan documentation with a document classification success rate of approximately 92%.
“AFR and Tavant have aligned missions to make homeownership more accessible for all and to provide several offerings that can support underserved communities in the housing market,” said Hassan Rashid, Chief Revenue Officer at Tavant. “While lenders have had to undergo lengthy processes in the past manually, Tavant now introduces a machine-oriented approach that successfully increases workflow up to 80% by automating and regulating the processes of loan application and disbursal.”
As the leading Fintech software and solutions provider for more than 20 years, Tavant proactively anticipates customer needs and adjusts accordingly to provide the right configurable solutions. American Financial Resources joins Tavant’s growing customer base, which originates one out of every three loans in the United States. Tavant’s VΞLOX product suite, which now includes Touchless Lending™, maximizes data-driven decision-making to solve even the most complex lender and borrower challenges.
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