Tavant, a Silicon Valley-based provider of digital lending solutions, said Wednesday it has teamed with Newfi Lending to integrate its digital document analysis into Newfi’s digital mortgage platform.
Newfi, a technology-based multi-channel mortgage lender, is the first lender in the non-qualified mortgage (Non-QM) channel to utilize Tavant’s Touchless Lending system.
Document analysis is a proprietary product of Tavant’s Touchless Lending automation platform, which is designed to integrate seamlessly with existing lender systems, including customer relationship management (CRM) systems, point-of-sales, loan origination systems (LOS), and document management systems.
Document analysis completely transforms document processing by instantly recognizing documents, optimizing document-related workflows, and accurately automating document classification, indexing, splitting, categorization, pairing with borrowers, and data extraction, Tavant said. Leveraging Touchless Documents will provide Newfi with a more streamlined and seamless experience for all involved stakeholders.
Tavant called it a significant step in the evolution of Newfi’s business and advancement in the mortgage industry.
"We have only recently started with Tavant’s Touchless Documents, yet we already see returns in both labor effectiveness and data accuracy,” said Amit Pall, senior vice president for Newfi. “Documents are just the first step for us, and we can’t wait to get started with credit and collateral in the near future.”
Pall said Newfi has “identified that our current implementation of Touchless Documents has realized an estimated 70% reduction in processing time and significantly reduced our dependency on … manual processes.”
Tavant’s partnership with Newfi will feature machine-oriented classification, and handle exception processing for documents with low confidence rates, allowing for end-to-end document processing, the company said.
In addition, processed documents are sourced from Newfi’s Broker Portal (BLU), which is also integrated with Touchless Lending, specifically the platform’s origination experience designed for brokers and TPO partners.
“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, based in Emeryville, Calif., said it has fully deployed Tavant’s document analysis solution, with plans to implement additional features, including the platform’s credit analysis and collateral analysis systems in early 2023.
Based in Santa Clara, Calif., Tavant is a digital products and solutions company serving customers across North America, Europe, and Asia-Pacific. Founded in 2000, the company employs over 3,000 people.
