Fintech firm Tavant has launched a new product that uses artificial intelligence to “assist lenders who are facing an increased volume of refinance applications.”
By using its new standalone “Instant Refi Advisor” (IRA) product, Tavant said that lenders can decrease their refinance application load by allowing borrowers to see what they qualify for based on their current situation, as well allowing them to view pricing fees and the best available rates. Borrowers can then adjust rates and monthly payments according to their goals.
According to Tavant, IRA can be plugged into any point-of-sale system and integrates with a variety of core banking systems to customize product offerings and pre-populate any customer information and data that is required to complete an application.
“Lenders have seen an amplified number of refinance applications in the past couple of months that they are unable to maintain,” said Abhinav Asthana, head of fintech products at Tavant. “With our new Instant Refi Advisor, borrowers can easily view what products they could qualify for to lower their monthly payments, lower their interest rates, and maximize their cash-out. Offering this modern technology solution saves the lender a significant amount of time as they can focus on seamlessly pushing through qualifying requests instead of fielding a large volume of calls.”