American Financial Resources, Inc. expands partnership with Tavant and adds contactless documents
The lender is accelerating digital transformation, scaling operations and improving the overall mortgage experience.
SANTA CLARA, Calif., August 30, 2022–(BUSINESS WIRE)–Tavant, a leading Silicon Valley-based digital lending solutions provider, and American Financial Resources, Inc. (AFR), a national mortgage lender, operating across wholesale, correspondent and retail origination channels, has partnered to improve the lender’s digital mortgage experience, end-to-end. Leveraging Tavant Contactless Loan™AFR’s correspondent lenders, mortgage brokers, loan originators and consumers will now be able to automate the traditionally cumbersome lending process, providing a more streamlined and transparent experience for all stakeholders.
Tavant’s contactless documents instantly recognize documents, automating document classification, indexing, splitting, categorization/sub-categorization, borrower matching and data extraction with the highest accuracy. Plus, the contactless lending platform seamlessly integrates with existing lending systems, including CRMs, POS, LOS, and document management systems, to optimize document-related workflows. , organize and process documents faster, and file document classification results. and extracting the data into the system of record.
“With the successful launch of FinDecision, adding Tavant’s contactless documents seemed like the next logical step,” said Scott Dubnoff, chief technology officer at American Financial Resources, Inc. “And we were right. 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 determined that the accuracy of document classification far exceeded our expectations. We have only just started with this technology, but we are already seeing returns in terms of labor efficiency and data accuracy. only scratching the surface with document classification and plan to expand data extraction next. This opens up even more possibilities for automation as we look to expand re the use of the product to other areas of our dealing.”
Prior to rolling out contactless documents, processing loan documents submitted by brokers was time-consuming and labor-intensive, requiring the use of a pool of human resources and turnaround times that could potentially be overnight. After implementing Tavant’s contactless documents, what used to take hours now takes minutes. Brokers can get 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 nearly 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 everyone and to provide multiple offerings that can support underserved communities in the housing market,” said Hassan Rashid, Chief Revenue Officer at Tavant. “Where lenders previously had to go through lengthy processes manually, Tavant now introduces a machine-oriented approach that successfully increases workflow by up to 80% by automating and regulating loan application and disbursement processes. »
As a leading provider of Fintech software and solutions for over 20 years, Tavant proactively anticipates customer needs and adapts accordingly to deliver the right configurable solutions. American Financial Resources joins the growing customer base of Tavant, which originates one in three loans in the United States. At Tavant VΞLOX The product suite, which now includes Touchless Lending™, maximizes data-driven decision-making to solve the most complex problems for lenders and borrowers.
Based in Santa Clara, California, Tavant is a digital products and solutions company that delivers impactful results to clients in North America, Europe and Asia-Pacific. Founded in 2000, the company employs over 3000 people and is a recognized employer. Tavant is creating an intelligent, AI-powered lending enterprise by reimagining customer experiences, improving operational efficiency, and enhancing collaboration.
About American Financial Resources, Inc.
American Financial Resources, Inc. (AFR) offers a full line of residential mortgage products to meet a variety of financing needs. AFR is a leading FHA 203(k) lender for sponsored arrangements and an innovator in construction and renovation loans. AFR uses the latest technology and provides educational resources to correspondent lenders, mortgage brokers, loan originators and consumers. American Financial Resources, Inc. is an Equal Housing Lender and Equal Opportunity Employer. Lender NMLS 2826 to www.nmlsconsumeraccess.org. For more information, visit www.afrcorp.com.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20220830005424/en/