The partnership will integrate AI platform into operations
Acra Lending, a private mortgage lender, has announced its partnership with Tavant, a digital products and solutions company. This partnership will allow Acra Lending to utilize Tavant’s AI powered platform, Touchless Lending Collateral Analysis, in its digital mortgage operations and allow Tavant to expand further into non-qualified mortgage (non-QM) lending.
“As we go through the year, we want to define ourselves as not only an adopter but an innovator at the same time,” said Gregory Meola, managing director at Acra Lending.
“We have been working very hard to get a lot of great enhancements to our technologies and our process efficiencies, and the work we are doing with Tavant is an integral part of this transformation,” added Meola.
How will Acra Lending use Tavant’s AI platform?
Acra Lending had already fully deployed Tavant’s Collateral Analysis, a proprietary product of the firm’s Touchless Lending automation platform. This was designed to integrate with the lender systems that already existed within Acra Lending’s database which included CRMs, point-of-sales, LOS, and document management systems.
The software will be automating an underwriter’s manual and a labor-intensive appraisal review process which will no longer require manual review and data entry as it automatically identifies and escalates issues to ease the process of decisioning and closing.
Meola stated that Acra Lending was gearing towards technological advancement to further boost its competitiveness.
“We are in an environment that is highly dependent on adoption of technology, and Acra does not want to be a company that does not adapt to technology,” he said.
“By the end of this year (2023), we are expecting a major separation from the competition,” he added.
Mohammad Rashid, head of fintech innovation at Tavant, said that with their software, the fintech firm had been helpful in improving the mortgage lender’s operations.
“Tavant has proven instrumental in enhancing Acra’s operational efficiency, ensuring seamless automation and reducing costs,” said Rashid.
“By leveraging Tavant’s cutting-edge solutions, Acra Lending has witnessed significant cost savings, enabling them to focus on delivering exceptional service to their clients,” he added.
As the deployment of the Collateral Analysis software in Acra Lending’s operations serves as the first step of its integration with Touchless Lending, the software will soon feature the implementation of a non-QM automated underwriting system (AUS) platform.
“What sets Tavant apart is our commitment to offering flexibility to lenders. Whether a lender chooses to adopt the entire Touchless Lending suite or prefers to implement specific analyses independently, Tavant is there to support their unique needs every step of the way,” said Rashid.
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