Constantly changing processes means more oversight and manual intervention, resulting in slower automation and diminished ROI.
Distribution processes that are frequently manual, uneven, and inefficient can be costly and risky: even a tiny error or typo supplied to a customer can lead to significant legal and monetary implications and repercussions. Also, you spend hours manually copying and pasting data from source systems or multiple spreadsheets. You send and receive information through unregulated channels like email, putting the integrity of your operation at risk. With the increasing complexity of financial regulation, companies spend a lot of time and resources on disclosure processes. Manual report assembly and review steps decrease process agility while increasing the possibility of reporting errors, while also wasting money and time.
Disclosures are essential control mechanisms within the mortgage process. Automation is a prominent technique to decrease errors and risk, but it sometimes means different things to different lenders. Disclosure Automation has the potential to make things much simpler and more efficient.
Disclosure Automation streamlines the process and ensures accuracy. It eliminates manual errors and helps to reduce the cost and time associated with the disclosure process. It also helps to improve the efficiency and accuracy of the process.
Some benefits of Disclosure Automation include the following:
- Improved accuracy: Reduces manual errors and improves the accuracy of the disclosure process.
- Reduced cost: Cuts down the cost associated with the disclosure process. This can help organizations save money and resources.
- Improved productivity: Streamlines the disclosure process and improves productivity.
- Increased transparency: Increases transparency and accountability.
- Less Manual Workload: Frees up employees to work on things that actually drive revenue
Your Disclosure Process — Made Better
Bringing an end to the chaos in multiple systems
The Disclosure Automation solution is a cloud-based disclosure automation platform. It helps to streamline the disclosure process and ensure accuracy. The platform is designed to be easy to use and helps to automate the entire disclosure process. It optimizes and streamlines disclosure by providing consistent validation of complaint disclosure. It helps to reduce the time and cost associated with the disclosure process. Disclosure automation helps to reduce manual errors and ensure the accuracy of the disclosure process. It helps to ensure that disclosure documents are compliant with regulations and standards. The platform helps to generate reports and analytics that can be used to improve the disclosure process.
How can Tavant’s Disclosure Automation Solution help you?
- Instant Disclosures document to the borrower for e-signature and email notification to all the recipients (borrower & Loan Officer)
- Seamless configuration to validate ICE’s Mavent compliance engine and add copies of disclosures to the e-folder
- Supports many Disclosures such as Initial, Redisclosure, Closing, etc.
- Real-time tracking of borrower’s activities
- A highly scalable solution empowers borrowers and loan officers with a frictionless loan disclosure process
- Disclosure Automation is an ICE-certified solution that helps you with higher accuracy, increases productivity, and saves time and cost.
Why choose Tavant’s Disclosure Automation Service over other APIs or services?
Every lender follows the same basic process to disclose loan terms, and someone at the compliance desk will most likely open a loan, review it, and then click the button to send disclosure documents to the borrower(s). These tasks require five to ten minutes of someone’s time per loan, and Tavant’s Disclosure Automation Service automates the workflow and allows loan officers to disclose multiple loans at the same time without having to log into Encompass and what businesses can achieve:
- Accelerated Time-to-Market: Development and approval have been truncated from weeks to days. Implemented in one month with over 100 distinct business rules.
- Cost Savings: Reduced team and 100% reduction in agency costs for disclosure change management
- High Accuracy: This eliminates human error from processes and ensures accuracy at every step of the way
- Improved Speed: The ability to disclose ten loans in three minutes, saving between five and twenty minutes of disclosure desk time per loan
- Risk Reduction: No need for legal to review each change; regulatory risk is reduced, and consistency is improved
- Increased Productivity: The ability to offload some time-consuming data tasks improves overall productivity
How to get started with Tavant’s Disclosure Automation Solution
The lending sector will continue to be impacted by digital automation and transformation. Tavant’s Automatic Disclosure solution brings you one step closer to the finish line on your road toward digital modernization. The use of our service results in considerable cost reductions while also enabling operational efficiencies, time savings, increased accuracy, and increased production.
The Disclosure Automation Solution offered by Tavant is suitable for use with Blend, in addition to Simple Nexus and any other point-of-sale system. This solution fully supports Tavant’s FinXperience and ICE’s Consumer Connect without any issues. Suppose the lender has built a bespoke POS or purchased off-the-shelf solutions from Blend, Simple Nexus, or another company. In that case, the solution can also work independently with some development effort.
Get in touch with us!
To learn more about Tavant’s Disclosure Automation solution, watch our recent webinar here or email us at [email protected] OR contact the Tavant team for a more in-depth discussion of solutions for your operating model and business.
