Mortgage lender Revolution Mortgage has partnered with Tavant, an AI-powered digital lending company, to integrate Tavant’s Touchless Lending product suite into Revolution Mortgage’s platform.
Revolution Mortgage today launched Tavant’s Decision Analysis solution, a tool for underwriters and quality control that can integrate with lender ecosystems. Revolution will implement Tavant’s document, credit, and collateral analyses solutions later this year.
Through the Touchless Lending technology, an application can reach a clear-to-close decision within a week, 80% faster than the average industry time of 50 days.
Tony Grothouse, CEO of Revolution Mortgage, says the technology will help the company expand and deliver quality assets into the secondary market.
“We see Touchless Lending as a way to get to market faster with a competitive advantage and work efficiently in the market as conditions fluctuate,” Grothouse said in a prepared statement.
The technology is designed to automate and streamline the underwriting and application processes, per the statement. It would also compare multi-AUS (Automated Underwriting Systems) responses with loan-specific data and investor guidelines, to optimize the loan origination process, costs and processing times.
Tavant, an HW Tech100 winner for multiple years, helped underwrite more than 80,000 loans in 2021.
Residential mortgage lending transactions involve several people, apart from borrowers and lenders, says Mohammad Rashid, head of fintech innovation at Tavant.
“Therefore, more than simply having one source of truth — one lending interface for both the lender and borrower — is needed to make any digital lending platform out there in the market its true-to-word digitized and automatized self,” he said. “Once we finish deploying Document, Credit, and Collateral for Revolution Mortgage, our partnership will prove just that.”
In December, Brian Covey, former vice president of loanDepot, joined Revolution Mortgage as executive vice president of strategy and development.