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As the digital revolution transforms consumer behavior across multiple industries, digital touchpoints redefine banking interactions. Lenders face the challenge of enabling for their prospective borrowers a completely branded, customized, and connected digital mortgage experience.
On the other hand, borrowers now expect a fast, simple, seamless, transparent, real-time process that’s highly intuitive and personalized. Coupled with regulatory requirements, digital transformation of the loan lifecycle is necessary to stay competitive and relevant.
Lenders don’t want to own and maintain the multitude of internal and external third-party connectors to achieve this disruptive borrower experience; they want to be able to subscribe and readily access the data through out-of-the-box, highly available connectors.
ENTER TAVANT FINCONNECT
Tavant FinConnect is an integration platform that connects a lenders’ LOS, document management systems, pricing engine, CRM and other local commercial and proprietary systems with external third parties that provide borrower, property and housing market data, including the ability to create a comprehensive borrower profile through social media data.
Hosted either on the cloud or within the enterprise, FinConnect uses open source components and adheres to MISMO standards when possible across integration paths.
“Tavant FinConnect’s intelligent translation and routing services, multiplexing capabilities, data and analytics-driven connectivity and custom reporting capabilities integrate the entire mortgage loan process, enabling a digital experience for borrowers and driving higher profits and customer satisfaction ratings for lenders,” said Mohammad Rashid, head of consumer lending at Tavant.
“Operations and fulfillment costs shrink significantly, cycle time to funding is faster and collaborative interactions with vendors become much more efficient. In addition, the lenders get to use a true ‘plug-and-play’ approach to incorporating point solutions in their ecosystem as well as streamline their processes end-to-end.”
Benefits of Tavant FinConnect within the lending ecosystem
Customers see:
- substantial reduction in manual sourcing of information (scanning documents)
- quicker loan processing and funding
- most accurate loan status info
- reliable and secure access to their data
- intuitive and personalized experience
Lenders get:
- accurate borrower data (retrieval of data “from the source”)
- improved operational efficiencies and reduced manual intervention
- efficient vendor collaboration
- advanced analytics on customer engagement patterns
- plug-and-play approach to incorporating point solutions
Soothing borrower and lender pain points
To help alleviate a reportedly large source of borrower frustration — multiple requests for information — FinConnect offers out-of-the-box, paperless and “data from the source” access to their information.
FinConnect allows lenders to take on the burden of obtaining borrower’s data and documentation, such as IRS-sourced tax transcripts, W-2 forms, Work Number validations, credit reports and financial asset verification statements. Lenders are also able to provide this end-to-end experience to their borrowers faster.
From application and document intake through closing and beyond, Tavant FinConnect establishes a digital, compliant mortgage experience that serves lenders and borrowers more quickly and securely.
THE TAKEAWAY
In an industry where traditional loan application paperwork tops 500 pages or more and application to funding cycle times are on average 30 days or more, optimized workflows, paperless environments and faster processing capabilities for lenders and a totally transparent digital experience for their prospective borrowers are some of the immediate benefits of deploying Tavant’s FinConnect integration platform.
