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Tavant Announces Adds New Product to Its AI-powered Touchless Lending Platform.

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BANKING AND CREDIT NEWS-April 25, 2023-Tavant Announces Adds New Product to Its AI-powered Touchless Lending Platform

(C)2023 M2 COMMUNICATIONS http://www.m2.co.uk

Silicon Valley, California-based digital lending solutions provider Tavant has added a new product, Asset Analysis, to its Touchless Lending AI-powered digital lending platform, the firm said.

With this addition, Touchless Lending will further solidify itself as the most comprehensive automated underwriting solution available to mortgage lenders by providing coverage over all four major underwriting components, including Income, Credit, Collateral, and soon Asset Analysis.

Touchless Lending Asset Analysis is in the near-final stages of production and will be available in-market by the end of June 2023.

Asset Analysis automates an underwriter's labor-intensive process of reviewing assets and multiple bank statements, allowing them to accurately ensure that the borrower's assets are responsibly sourced and quickly determine the likelihood that the borrower will have sufficient funds to cover down payments, closing costs, and reserves for the mortgage transaction.

Asset Analysis checks 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.

Furthermore, AI and ML models are integrated into Asset Analysis to automatically review bank statement withdrawal transactions to detect, identify, and condition for anomalies, undisclosed financial transactions, or any recurring payments in the statements.

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...

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