American Financial Resources, Inc. expands partnership with Tavant, adds contactless documents
Lender accelerates digital transformation, scales operations and improves the overall mortgage experience.
SANTA CLARA, Calif.–(BUSINESS WIRE)–#lending— Tavant, a Silicon Valley-based provider of industry-leading digital lending solutions, and American Financial Resources, Inc. (AFR), a national mortgage lender, operates in wholesale, correspondent and retail origination channels, have collaborated with improve the lender’s digital mortgage experience, end-to-end. Exploit Tavant’s Touchless Lending™, AFR’s correspondent lenders, mortgage brokers, lenders and consumers will now be able to automate the traditionally cumbersome lending process, providing a more streamlined and seamless experience for all stakeholders.
Tavant’s Touchless Documents instantly recognizes documents, automates document classification, indexing, splitting, categorization/subcategorization, linking with borrowers and data mining with the highest accuracy. In addition, the Touchless Lending platform seamlessly integrates with existing lender systems, including CRMs, Point-of-Sales, LOS and document management systems, to optimize document-related workflows, organize and process documents faster and deposit the results of document classification and data mining back into the system of record.
“When the launch of FinDecision was so successful, adding Tavant’s contactless documents to the mix seemed like the logical next step,” said Scott Dubnoff, Chief Technology Officer of American Financial Resources, Inc. “And we were right. Their implementation was a smooth and painless process. It took about six weeks to fully integrate Tavant’s product into our systems. After a month of running Touchless Docs with real data, we found that the accuracy of the document classification greatly exceeded our expectations. We just early stage with this technology, but are already seeing returns in both labor efficiency and data accuracy. We’ve only scratched the surface with document classification and plan to expand into data mining next. This opens up even more opportunities for automation as we look to expand the use of the product to other areas of our process.”
Prior to the deployment of contactless documents, processing broker-submitted loan documents was time-consuming and labor-intensive, requiring the use of a pool of human resources and potentially overnight processing times. After implementing Tavant’s touchless documents, what used to take hours now takes minutes. Brokers can receive immediate feedback on their file uploads and provide direct input to their borrowers on requested document uploads. After just one month of use, Touchless Docs has processed close to 500 loans and over 90,000 pages of loan documentation with a document classification success rate of approximately 92%.
“AFR and Tavant have aligned missions to make home ownership more accessible to all and to provide more offerings that can support underserved communities in the housing market,” said Hassan Rashid, Chief Revenue Officer of Tavant. “While lenders have had to go through lengthy processes in the past manually, Tavant is now introducing a machine-oriented approach that successfully increases workflow by up to 80% by automating and streamlining the loan application and disbursement processes.”
As the leading provider of Fintech software and solutions for more than 20 years, Tavant proactively anticipates customer needs and adjusts accordingly to provide the right configurable solutions. American Financial Resources joins Tavant’s growing customer base, which originates one in three loans in the US. Tavant’s VΞLOX product suite, which now includes Touchless Lending™, maximizes data-driven decision making to solve even the most complex lender and borrower challenges.
About Tavant
Headquartered in Santa Clara, California, Tavant is a digital products and solutions company that delivers effective results to its customers across North America, Europe and Asia Pacific. The company was founded in 2000, and employs over 3,000 people and is a recognized top employer. Tavant is creating an AI-powered intelligent lending business by rethinking customer experiences, increasing operational efficiency and improving collaboration.
Find Tavant on LinkedIn and Twitter.
About American Financial Resources, Inc.
American Financial Resources, Inc. (AFR) offers a comprehensive range of mortgage products to meet various financing needs. AFR is a leading FHA 203(k) sponsored loan lender and an innovator in construction and renovation lending. AFR uses the latest technology and provides educational resources to correspondent lenders, mortgage brokers, lenders and consumers. American Financial Resources, Inc. is an Equal Housing Lender and Equal Opportunity Employer. Lender NMLS 2826 at www.nmlsconsumeraccess.org. For more information, visit www.afrcorp.com.
Contacts
Adrian Morales
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678-781-7227
