New collaboration with Experian brings the ability to leverage Day
1 CertaintyTM verification,
bringing the industry a step closer to a frictionless mortgage
SANTA CLARA, Calif.–(BUSINESS WIRE)–#DigitalMortgage–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
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
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
Vibhor Mishra, 408-519-5400