Digital lending solutions provider Tavant has introduced its new Touchless Lending platform, an AI-powered lending-as-a-service platform that maximizes the use of data-driven processes to provide an end-to-end loan manufacturing experience.
Touchless Lending’s first product line is mortgage-centric and designed to address key pain points within the mortgage industry, Tavant says in a release.
By reducing lengthy origination cycles and removing unnecessary touchpoints, Touchless Lending enables lenders to originate more mortgage loans faster, while also reducing costs.
Loan officers, processors and underwriters can use Touchless Lending’s optimized workflows to engage with data and make decisions faster, instead of relying on physical documentation and manual data entry. The Touchless Lending platform integrates effortlessly with existing core systems, including the LOS, and efficiently automates mortgage production.
“Now more than ever, companies are hungry for more robust data,” says Sarvesh Mahesh, CEO, Tavant. “They want to make better decisions and automate routine processes to become more efficient, reduce errors and lower costs. Data is the key to making those happen, and Touchless Lending is the tool lenders need to make the best uses of their data.”
“The mortgage industry is still not meeting borrower expectations,” adds Mohammad Rashid, head of Tavant’s fintech practice. “On average, mortgages are taking 51 days to close, which is unacceptably slow in our on-demand world. Underwriters and processors do not have the tools they need to get the job done efficiently and effectively. Touchless Lending focuses on these overlooked middle and back-office associates, now enabling them to make a clear-to-close decision in as little as five days, handle five times as many mortgages at once and reduce processing and underwriting costs by over 75 percent per mortgage.”