Mortgage News March 16, 2023
Tavant, a Silicon-based company, has entered the non-QM lending market through a partnership with fintech firm Newfi Lending. This collaboration enables Newfi to integrate Tavant’s Document Analysis offering into its digital mortgage process. Tavant’s Touchless Lending automation platform’s proprietary product, Document Analysis, recognizes and automates document classification, indexing, splitting, categorization, pairing with borrowers, and data extraction. Tavant will also assist Newfi with machine-oriented classification and end-to-end processing of documents with low confidence rates.
Tavant has streamlined Newfi’s broker interface, broker feature functionality, and broker uploads of documents, routing them to document analysis for machine-oriented classification. Currently, Touchless Lending is classifying and processing all documents for Newfi’s loans, which include over 358 different types of documents, with over 88,000 pages processed every month. Tavant’s solution aims to reduce the number of manual reviews, decrease the number of people in the loop and optimize the loan origination process.
In the near future, specifically in early 2023, Newfi intends to incorporate the automation capabilities of Tavant’s platform for credit analysis and collateral analysis. According to Amit Pall, Senior Vice President at Newfi Lending, touchless documents have already reduced processing time by an estimated 70% and significantly reduced the company’s dependency on FTEs and manual processes.
Tavant’s Touchless Lending automation platform aims to optimize the loan origination process and enhance the digital mortgage experience by utilizing machine learning and AI. Through this partnership, Tavant has successfully ventured into the non-QM lending market, showcasing the capabilities of its automation platform. Newfi Lending has taken the first step towards digitizing its loan origination process by integrating Tavant’s Document Analysis into its digital mortgage process.
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