Tavant adds automated asset analysis product to its lending platform

Tavant, a Silicon Valley-based digital lending solutions provider, is adding a new product called Asset Analysis to its AI-powered digital lending platform, Touchless Lending.

The goal of Asset Analysis is to automate the labor-intensive process of reviewing assets and multiple bank statements during underwriting to determine the likelihood that the borrower will have sufficient funds to cover down payments, closing costs, and reserves for the mortgage transaction.

The product can check for relevant loan details and document acceptability to identify and condition for large deposits or deposits from sources that are inconsistent with the loan application. This is done using the AI and ML models integrated into Asset Analysis, which automatically review bank statement withdrawal transactions to detect, identify, and condition for anomalies, undisclosed financial transactions, or any recurring payments in the statements.

Mohammad Rashid, 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.

“Tavant offers the flexibility for lenders to determine whether they want to benefit from the whole Touchless Lending automation suite or instead choose one or a few analyses independently of the others,” Rashid said in a statement about the launch. “Even if using all that Touchless Lending has to offer is guaranteed to generate higher productivity and efficiency than using only a portion of the platform, we understand that every lender is unique, and at Tavant, we are here to help you identify the optimal path to accommodate your specific needs.”

The company said the addition of Asset Analysis will further solidify Touchless Lending’s position as the most comprehensive automated underwriting solution available to mortgage lenders, covering all four major underwriting components: income, credit, collateral, and asset analysis.

“Touchless Lending Asset Analysis will identify, calculate, then determine borrower eligibility and derive qualified income across bank statements based on the investor or program-specific requirements,” Hemanthkumar Jambulingam, director of fintech product management at Tavant, said.

The new product is in the near-final stages of production and will be available in-market by the end of June 2023.

Touchless Lending provides straight-through mortgage processing and automated underwriting as part of the end-to-end mortgage manufacturing pipeline. Loan officers, processors, and underwriters utilize Touchless Lending’s machine-oriented, optimized workflows to engage with borrower and property data to make better decisions faster instead of relying on physical documentation and manual data entry.

The solution automates the loan production process, allowing lenders to originate mortgages quicker while reducing costs and repurchasing risks. Touchless Lending also integrates with existing systems, including client CRM, POS, and LOS.

Touchless Lending products reduce the cost to process and underwrite by $1000 per loan and achieve a scale of double-digit underwrites per day per underwriter, according to the company.

Tavant has been a leading Fintech software and solutions provider for over 20 years, according to the company, with a growing customer base originating one out of every three home loans in the United States. The company provides configurable solutions to meet customers’ needs and offers flexibility for lenders to choose one or a few analyses independently of others.

This content was generated using AI, and was edited and fact-checked by HousingWire’s editors.