Companies join forces to streamline document processing and enhance the mortgage experience
Silicon-based Tavant has announced a partnership with Newfi Lending, which the fintech company said marks its official expansion into non-QM lending.
As part of the partnership, Newfi has integrated Tavant’s Document Analysis offering into the digital mortgage process. Document Analysis, a proprietary product of Tavant’s Touchless Lending automation platform, recognizes documents and automates document classification, indexing, splitting, categorization, pairing with borrowers, and data extraction.
Additionally, Tavant will support Newfi with machine-oriented classification and end-to-end processing for documents with low confidence rates.
“All in all, Tavant has taken care of Newfi’s broker interface, broker feature functionality, and broker uploads of documents, which are then routed to document analysis, where we are doing the machine-oriented classification,” said Mohammad Rashid, head of fintech innovation at Tavant. “At our current stage, Touchless Lending is classifying and processing all documents for Newfi’s loans, which include over 358 different types of documents, with over 88,000 pages processed every month. We are reducing the number of people in the loop and the need for manual reviews, and we are doing it end-to-end.”
Newfi also plans to integrate the platform’s credit analysis and collateral analysis automation in early 2023.
“We have only recently started with Tavant’s touchless documents, yet we already see returns in both labor effectiveness and data accuracy. Documents are just the first step for us, and we can’t wait to get started with credit and collateral in the near future,” said Amit Pall, senior vice president at Newfi Lending. “We have identified that our current implementation of touchless documents has realized an estimated 70% reduction in processing time and significantly reduced our dependency on FTEs and manual processes.”
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