SYS-CON MEDIA Authors: Elizabeth White, Yeshim Deniz, Liz McMillan, William Schmarzo, Dana Gardner

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Tavant Adds Digital Verification to Speed Mortgage Application for Lenders and Borrowers

Tavant is working with Experian® to bring the mortgage journey into the digital age by removing barriers for consumers and making the digital lending process more seamless for lenders. The mortgage process typically has been complex and expensive for consumers and lenders alike. With advances in digital verification — specifically the integration of Experian’s verification of asset solution into Tavant’s advanced AI-powered digital lending platform — the lending process is evolving into a real-time environment, eliminating paperwork and hassle.

“Applying for loans is an inefficient task for consumers and lenders because of the sheer volume of information required. It’s a process that could take weeks and use more than 500 pages of information,” said Michele Pearson, general manager, Experian Mortgage. “Our integration with Tavant is helping to move the industry to a faster, more optimized lending journey for everyone. Giving our mutual clients access to Experian’s leading asset verification solutions is a huge step forward in providing highly accurate data in real time, which increases accuracy, timeliness and quality.”

“We are excited to integrate Experian’s verification of assets solution on Tavant FinConnect. This allows our shared customers to simplify the mortgage journey, providing a touchless, transparent and seamless digital experience,” said Mohammad Rashid, vice president and head of Consumer Lending at Tavant. “FinConnect supplies on-demand data directly from the information source, enabling a simple end-to-end digital mortgage experience.”

Verification of assets is made available through Experian’s relationship with Finicity, a leading provider of real-time financial data aggregation, and is Fannie Mae Day 1 CertaintyTM–verified. This innovative data aggregation solution will be incorporated into Tavant’s FinConnect product (facilitates the integration, transformation and consumption of multiple information sources during the loan origination process), which is a core part of VΞLOX. This process considerably reduces the typical time consumers must wait to hear back on approvals.

Experian’s asset verification provides real-time data collection, with access to formatted bank information, and curates reports that have up to six months of categorized transaction history. In addition to account owner verification, the reports include asset details such as average balance and large deposit and withdrawal transactions. Other benefits of Experian’s data aggregation and insights platform include:

  • Speed — Verification is completed quickly and efficiently with less paperwork and less risk for fraud.
  • Compliance — Experian and Finicity are the only registered credit reporting agencies (CRAs) among account aggregation suppliers that provide tools that assess a consumer’s ability to pay in a manner compliant with the Fair Credit Reporting Act (FCRA).
  • Wide coverage — Experian’s technology encompasses 80 percent of all financial institution accounts in the United States.

About Tavant FinConnect and VΞLOX

Tavant FinConnect is an integration platform for mortgage-specific data and services, providing secure connectors to value-added third-party vendors, including Fannie Mae Day 1 Certainty™ designated vendors. FinConnect supplies on-demand data directly from the information source, enabling a simple end-to-end digital mortgage experience for the borrower.

Tavant VΞLOX is the industry’s leading AI digital platform that maximizes the use of data-driven processes in the automation of the loan origination lifecycle. It brings true digital disruption to the mortgage industry with an immersive omnichannel experience and high-velocity execution: from loan discovery to loan funding to loan servicing.

About Tavant Technologies

Headquartered in Santa Clara, California, Tavant Technologies is a digital products and platforms company that provides impactful results to its customers across North America, Europe, and Asia-Pacific. Founded in 2000, the company employs over 2500 people and is a recognized top employer. Tavant is creating an AI-powered intelligent lending enterprise by reimagining customer experiences, driving operational efficiencies and improving collaboration.

Find Tavant Technologies on LinkedIn and on Twitter.

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