TawantTouchless Lending, a Silicon Valley-based digital lending solutions provider, is adding a new product called Asset Analysis to its AI-powered digital lending platform.
Asset analysis aims to automate the labor-intensive process of reviewing assets and multiple bank statements during underwriting to determine whether a borrower has enough to cover payments, closing costs and reserves for mortgage transactions. There will be money.
The product may identify large deposits or deposits from sources inconsistent with the loan application and verify the admissibility of loan details and documentation relevant to the situation. This is done using integrated AI and ML models in asset analysis, which automatically reviews bank statement withdrawal transactions to detect, identify, and position anomalies, undisclosed financial transactions, or any recurring payments in the statements .
Mohammed Rasheed, head of fintech innovation at Tavant, said Touchless Lending Asset Analysis will complement Tavant’s currently available underwriting products, enabling straight-through processing and fully automated underwriting for mortgage providers.
In a statement about the launch, Rasheed said, “Tavant provides lenders with the flexibility to determine whether they want to benefit from the entire touchless lending automation suite or instead independently select one or a few analytics Are.” “Even though using all that Touchless Lending has to offer is guaranteed to generate higher productivity and efficiency than using only part of the platform, we understand that each lender is unique, and at Tavant, We are here to help you identify the optimal path to accommodate your specific needs.
Touchless Lending will be further strengthened by the addition of asset analysis, the most comprehensive automated underwriting solution available to mortgage lenders, covering all four key underwriting components: income, credit, collateral and asset analysis, the company said.
“Touchless Lending Asset Analysis will identify, calculate, then determine borrower eligibility and receive eligible income in bank statements based on investor or program-specific requirements,” said Hemanthkumar Jambulingam, director of fintech product management at Tavant.
The new product is in the final stages of production and will be available in the market by the end of June 2023.
Touchless Lending provides straight-through mortgage processing and automated underwriting as part of an end-to-end mortgage manufacturing pipeline. Loan officers, processors and underwriters use Touchless Lending’s machine-oriented, optimized workflows to engage with borrower and asset data to make better decisions, instead of relying on physical documentation and manual data entry.
The solution automates the loan production process, allowing lenders to quickly originate mortgages while reducing costs and repo risks. Touchless Lending also integrates with existing systems including client CRM, POS and LOS.
Touchless lending products reduce the cost of loan processing and underwriting by $1,000 per loan and achieve double-digit underwriting scale per day per underwriter, according to the company.
Tavent has been a leading fintech software and solutions provider for more than 20 years, with a growing customer base of one out of every three home loans in the United States, according to the company. The company offers configurable solutions to meet customer needs and provides lenders with the flexibility to independently choose one or a few analyses.
This content was generated using AI, and is edited and fact-checked by HousingWire editors.
