The cost to originate a loan has continuously increased over the years, hitting a peak of over $10,000 despite the injection of multiple technologies into the mortgage origination process. Touchless Lending by Tavant was developed to directly focus on solving this problem.
The vision for Touchless Lending was to remove the many humans-in-the-loop embedded in the mortgage process, eliminate the amount of paper that flows through each loan in the application intake and decisioning process, and remove the need for multiple iterations between borrower, loan officer, processors and underwriters that lead to an increased cycle time of anywhere from 45 to 60 days to close a loan.
Touchless Lending reduces the processing and underwriting costs of originating a loan by 77%. The AI-powered lending-as-a-service platform also increases the throughput of the underwriter from three or four loan underwrites a day to more than 12 underwrites per day. The solution provides immediate business lift, including full automation of document digitization to data consistency checks, income, credit, asset, collateral, title and fraud checks, automatically fulfilling the conditions on a loan, and multi-investor analysis.
The Touchless Lending platform uses AI and machine learning techniques to solve the hard problem of using a machine to do the work of a senior processor and an expert underwriter. Tavant has mixed and matched the use of computer vision and natural language processing with procedural rules processing to provide the best technical solution for straight-through processing and automated underwriting.
The platform is LOS agnostic and will work with any CRM as well as POS platforms in the mortgage industry. It uses Digital Ledger Technologies so that all operations on a loan are immutable and can be tracked from its origin to it becoming a closed/funded loan, reducing repurchase risk and allowing investors to perform their due diligence when buying the loan.
Touchless Lending offers a 77% cost savings for underwriting and processing, an increase in underwriting by roughly 4.5 times to handle more mortgages at once and clear-to-close decisions in as little as five to seven days. Lenders have seen an 11% increase in total annual gains from Touchless Lending as well as savings on operational costs.
Lenders using Touchless Lending appreciate the faster time to product deployment and the seamless, intuitive integration into their existing workflows and business processes. The ROI is immediately realizable and tangible.
The Touchless Lending platform provides an optional Underwriter’s Workstation that is the most user-friendly and advanced workstation available for underwriters in the market today. Data visualization techniques coupled with AI and machine learning-driven insights from the borrower’s and the property’s profile and characteristics provide the fastest path to comprehending the story of a loan, and therefore the fastest pathway to decisioning the loan.
Although the platform focuses initially on automating the mortgage processing and underwriting life cycles of a mortgage, the goal is to automate anything and everything that can be automated.
