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Realizing the Goal of Fully Automated Lending

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Borrower expectations are still not being met by the mortgage industry. While many lenders have provided a seamless mortgage application experience by digitizing the front-end platform, the industry’s digitization remains incomplete. Many origination and servicing processes remain slow, manual, labor-intensive, and fragmented, making them vulnerable to disruption—mortgages close in 51 days on average, which is far too long in today’s fast-paced world. Underwriters and processors do not have the tools to complete their tasks efficiently and effectively.

The mortgage industry has been embracing technology to streamline the mortgage application process to make the consumer experience smoother and faster. Touchless lendingTM is quickly becoming the industry’s standard operating system for large-scale automation of mid and back-office mortgage operations.

How does Touchless LendingTM change the game?

Despite the amalgamation of multiple technologies into the mortgage origination process, the cost of originating a loan has steadily increased over the years, reaching a peak north of $10,000. Tavant wanted to create a product that was completely, directly, and only focused on solving this problem. The vision of Touchless LendingTM is to eliminate the many humans-in-the-loop embedded in the mortgage process, to phase out the rivers of paper that flow through each loan in the application intake and decisioning process, and to knock out the need for multiple thrashes and iterations between the borrower, loan officer, processors, and underwriters, which result in an increased cycle time of anywhere from 45 to 60 days to close a loan.

Touchless LendingTM targets these underserved middle and back-office associates, allowing them to make a clear-to-close decision in as little as five days, handle five times as many mortgages at once, and save more than 75% on processing and underwriting costs per mortgage.

To solve the complex problem of using a machine to do the work of a senior processor and an expert underwriter, the Touchless LendingTM platform prudently employs AI and Machine Learning techniques. We combine computer vision and natural language processing with procedural rules processing to provide the best technical solution for straight-through processing, automated loan decisioning, automated loan processing and automated underwriting.

The automated lending platform is LOS-independent and will work with any CRM and POS platform in the mortgage industry. The platform employs Digital Ledger Technologies to ensure that all operations on loan are immutable and can be tracked from its inception to its closure/funding, reducing repurchase risk and allowing investors to perform their due diligence when purchasing the loan more efficiently.

Delivering an Exceptional Mortgage Customer Experience

Touchless LendingTM is an AI-powered lending-as-a-service platform that offers straight-through mortgage processing and automated underwriting as part of the mortgage manufacturing pipeline from start to finish. Instead of relying on physical documentation and manual data entry, loan officers, processors, and underwriters use Touchless Lending’s optimized workflows to engage with data and make decisions faster. This one-of-a-kind automated mortgage software solution enables lenders to originate more mortgages more quickly while lowering costs and repurchasing risks. Touchless Lending seamlessly integrates with your existing systems, such as CRM, POS, and LOS, and automates the loan production process.

Each service provided by the Touchless LendingTM platform is unique in that it includes embedded innovation that provides a true business and operational lift to that service. Touchless Documents, for example, uses a multi-OCR strategy to extract the best possible classification and data extraction from a paper document via an intelligent selection among a network of best-of-breed OCR providers.

From Chaos to Order: A Perfect Mortgage CX Strategy and a Boon for Lenders

First, lenders do not need to purchase the entire end-to-end platform to gain and lift their mortgage manufacturing pipeline. Individual service endpoints for Document, Income, Credit, Collateral, Asset, Title, Multi-Investor, and Fraud Analysis can be consumed independently through the platform’s API Store.

Second, Touchless LendingTM services can be integrated into the Lender’s ecosystem in days or weeks rather than months, resulting in immediate benefits and an impact on the Lender’s cost and cycle times.

Third, Touchless LendingTM provides:

  1. A 77% cost savings for underwriting and processing.
  2. A 4.5-fold increase in underwriting to handle more mortgages at once.
  3. Clear-to-Close decisions in as little as five days to a week.

Touchless LendingTM has resulted in an 11% increase in total annual gains for lenders and significant savings in operational costs. Touchless LendingTM can accomplish this by reducing process time due to improved quality and digital loan files, lowering document processing costs, gaining warehouse line interest savings, gaining GSE interest rate arbitrage, and maximizing appraisal waiver utilization.

Reinventing the mortgage customer experience: now more than ever, mortgage lenders need to focus on delivering a superior online customer experience.

Lenders value the quicker time to product deployment and the seamless/intuitive integration into their existing workflows and business processes. The ROI is immediately observable and tangible and can be demonstrated through multiple real-world deployments of Touchless LendingTM services.

The Touchless LendingTM platform includes an optional Underwriter’s Workstation, the most user-friendly and advanced workstation for underwriters available in any offering on the market today. Data visualization techniques, combined with AI and Machine Learning-driven insights from the borrower’s and property’s profile and characteristics, provide the quickest path to comprehending a loan’s story and thus the quickest path to loan decisioning.

Although the Touchless LendingTM platform initially focuses on automating the mortgage processing and underwriting lifecycles, the platform’s goal is to automate anything and everything that can be automated in the path from the borrower’s post-application submission all the way to its destination of becoming a closed or funded loan, including post-closing activities.

What’s Next

To know more about Touchless LendingTM, reach out to us at [email protected] or visit us here.

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