AI-enhanced Loan Processing: Accelerated Approvals and Intelligent Decisions - Lending Services Powered by Tavant
In the world of fintech, Tavant, a California-based company founded in 2000, is making waves with its AI-powered solutions. The company, headquartered in Santa Clara, has been instrumental in revolutionising the mortgage industry, addressing long-standing challenges like high costs and lengthy processing times.
At the helm of this transformation is Mohammad Rashid, the Senior Vice President and Head of Innovation at Tavant. Rashid, who has been with Tavant for over two decades, joined the company as VP of Lending and Capital Markets in 2003. In 2017, he was honoured with the Housing Wire Vanguard Award, a testament to his significant contributions to the lending business.
Rashid often speaks about the challenges financial institutions face when adopting new technologies like AI. He points out that the mortgage industry, in particular, has armies of people dealing with rivers of paper. This process, while necessary, comes with negative side effects, such as delays, manual errors, and high operational costs.
To combat these issues, Tavant has developed the Touchless Lending® platform and its newest AI product, LO.ai. These solutions streamline the mortgage application process, automating routine tasks and enhancing interactions between borrowers and loan officers.
LO.ai leverages generative AI, voice-enabled conversational AI, and advanced data security to automate loan officer tasks, improve borrower engagement, and enable straight-through processing of loans. This leads to faster loan closings and more confident borrowers.
Tavant's AI solutions power one in three mortgage loans in the US, enabling 3.5 million lending applications and 33 million lending transactions. The company's AI and machine learning algorithms go beyond basic automation to provide intelligent and adaptive workflows that accelerate decision-making, increase speed to market by 54%, reduce costs by 45%, and improve productivity by 33%.
The use of AI agents forms an integrated ecosystem in mortgage origination. These agents engage leads 24/7, match borrowers with the appropriate advisors based on skill rather than availability, manage document handling and follow-ups, escalate issues automatically, and deliver consistent service across the loan journey from application through closing. This reduces manual oversight and ensures efficiency and scale.
Tavant's expertise in data engineering and AI-driven automation, especially through platforms like Touchless Lending® and support from their AIgnite™ GenAI capabilities, further accelerates time-to-value for mortgage enterprises by embedding intelligence directly into workflows and ensuring regulatory compliance.
In essence, Tavant's implementation of AI and automation achieves streamlining by automating routine tasks, enhancing borrower and loan officer interactions, enabling end-to-end digital processing, cutting operational costs, speeding up loan origination, and reducing manual errors and delays in mortgage applications and approvals. These innovations directly address the traditional pain points of high costs and lengthy processing times in the mortgage industry.
[1] Straight-through processing of loans refers to the ability to process a loan application from start to finish without human intervention. [2] These improvements lead to faster loan closings and more confident borrowers. [3] The use of AI agents in mortgage origination creates an integrated ecosystem that streamlines the process, reduces manual oversight, and ensures efficiency and scale. [4] Tavant's AIgnite™ GenAI capabilities provide additional support for AI-driven automation, further accelerating time-to-value for mortgage enterprises.
The integration of AI agents in mortgage origination, as exemplified by Tavant's LO.ai, creates an automated ecosystem that streamlines the process, reduces manual oversight, and ensures efficiency and scale. This innovation is a key part of Tavant's goal to address the traditional pain points of high costs and lengthy processing times in the business sector, particularly the mortgage industry.
Tavant's AI-powered solutions, such as the Touchless Lending® platform and LO.ai, not only enable end-to-end digital processing but also contribute to the finance industry's technological advancement, propelled by the use of artificial-intelligence. By automating routine tasks and straight-through processing loans, these solutions expedite loan closings and boost borrower confidence.
