TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/1488302
8 | M R EP O RT MTECH Improving the Borrower Experience NEW TAVANT INTEGRATION DRIVES APP EFFICIENCY T avant, a Silicon Valley- based provider of digital lending solutions, and Experian, a global information services company, are working together to minimize friction in the mortgage application process and improve the borrower's loan application experience. By integrating Experian's Enhanced Instant Form Fill for Mortgage with FinXperience and FinCon- nect, components of Tavant's VELOX digital lending platform, lenders, with a consumer's permission, can automate data entry and prefill borrower information on the Uniform Residential Loan Application (URLA)—providing a more simple and seamless experience for borrowers and loan officers. Experian's Enhanced Instant Form Fill empowers borrowers to permission access to their per- sonal data, which is automatically added to their mortgage applica- tion. With increased automa- tion, lenders can drive efficiency, reduce friction, and grow their business. Enhanced Instant Form Fill also leverages Experian's fraud and identity solutions, Precise ID and FraudNet, to authenticate borrowers and protect their infor- mation throughout the experience. "We're excited to integrate with Tavant to help lenders stream- line their mortgage application process," said Susan Allen, Head of Product at Experian Mortgage. "By reducing manual data entry, lenders can modernize their bor- rower experience, increase pull- through and conversion rates, and improve data accuracy." FinXperience, Tavant's intuitive platform of point-of-sale experi- ences, and FinConnect, their intel- ligent lending data and enterprise mortgage services integration hub, are VELOX products and implementable across all lend- ing channels, including retail, wholesale, and others. These integrations will allow lenders to increase automation, reduce manual data entry, and provide their borrowers with more elegant and comfortable user journeys. This will decrease their time to completion and improve the over- all application conversion rate. "We at Tavant are committed to improving the consumer expe- rience, and it is more important now than ever before for lenders to find ways to differentiate their offerings and drive efficiency," said Sarvesh Mahesh, CEO of Tavant. "Tavant is the right partner to eliminate inefficient, highly manual, and extremely costly procedures, and start focusing on creating a frictionless customer journey and increasing application completion." VELOX is an AI-powered digital lending product suite that delivers best-in-class lender and borrower experiences. It utilizes automation and straight-through processing to configure immersive lending journeys that accelerate loan manufacturing and improve loan quality. Tavant's VELOX suite of products optimizes the back office, simplifies the middle office, and transforms the front- end consumer experience into an efficient digital data flow. Boosting Access to LEP Customers TALK'UMENTS JOINS FORCES WITH GUARANTEED RATE D igital language and Lim- ited English Proficiency (LEP) technology pro- vider Talk'uments has unveiled its Spanish language integration with Guaranteed Rate Inc., a leader in mortgage lending and digital financial services. The integration will significantly enhance the ability of Guaran- teed Rate Inc.'s Spanish-speaking customers to successfully shop for and secure a mortgage by experiencing increased clarity about transactions throughout the process and easier access to generalized and loan-specific educational materials in Spanish. Talk'uments is one of the first tech providers to create a multilingual technology resource for LEP mortgage applicants and borrowers. Their digital lan- guage technology will enhance Guaranteed Rate Inc.'s Language Access Program by empowering Spanish speakers to better under- stand the key terms and features of their loans, including related costs, Loan Estimate (LE), Closing Disclosure (CD), and other TILA disclosures. "America's demographics, and accordingly, those of mortgage borrowers, have changed and continue to change quickly," said George Baker, CEO and Founder of Talk'uments. "Lenders now see creating a mortgage experience built on comfort and trust is key to company growth, especially as a great share of the market includes people who don't speak English at home. Guaranteed Rate is a leader in the growing effort to support LEP borrowers;