Tavant, a provider of artificial intelligence (AI)-powered digital lending solutions for the consumer lending industry, recently announced expanded functionality within its Touchless Lending platform, a real estate valuation, decision support, and automation platform.
As part of a partnership with PropMix, PropMix’s appraisal digitization capabilities to convert residential appraisal PDF documents into standard MISMO XML is integrated into Touchless Lending using PropMix’s APIs. Tavant’s customers can now process first-or second-generation (scanned) appraisal PDFs with no manual interventions. The result is an automated loan production process that lets correspondent buyers and sellers and wholesale lenders process mortgages faster with reduced costs.
Tavant’s Document Analysis product within the Touchless Lending platform automates recognition, classification, indexing, splitting, extracting loan data, and eventually, contextualizing this data for algorithmic processing and associating it with the borrowers on the loan, the company stated.
“PropMix’s Appraisal Digitization platform has helped us accelerate our product offering with a simple API interface to the complex process of extracting reliable data from appraisal PDFs,” Mohammad Rashid, head of Fintech Innovation at Tavant, said in the release. “This partnership helps Tavant vastly improve (and for some cohort of loans, remove) the underwriters’ loan review process within the Touchless Lending loan manufacturing pipeline.”
PropMix specializes in implementing AI and machine learning models for extracting data from unstructured sources such as documents and images and integrating such data with its housing market and public property data to deliver business solutions for mortgage, valuation, and real estate sectors.
“We are excited to work with Tavant to power their digital lending solutions for the industry,” Daniel Mancino, executive vice president at PropMix, said. “Digitizing and extracting data from appraisal documents is an integral part of our appraisal modernization strategy.”