When it comes to technology solutions, flexibility has never been so important. Mortgage lenders need tools that help them adapt rapidly without costly overhauls, while also finding new efficiencies and maintaining compliance.
It’s a tall order, but Tavant Technologies fits the bill with innovative solutions that range from data and analytics to systems, applications, frameworks and platforms that are customized for each client.
“Tavant has had the opportunity to build large-scale mortgage systems from the ground up that cover the full loan lifecycle: point of sale, loan origination, servicing, default management and secondary markets, as well as mortgage insurance,” said Hassan Rashid, executive vice president of global sales and marketing.
“This experience has allowed Tavant to develop niche custom applications that are highly scalable and extensible.”
Tavant adds flexibility to its clients’ business and technology initiatives by keeping their investments in large enterprise systems (such as an LOS) intact and providing a “surround and extend” strategy and infrastructure that allows them to provide unique business differentiators to their customer base.
“The pent-up energy and creativity of mortgage lenders due to the regulatory deadlines and pressures of 2014/2015 will be unleashed in 2016, so we expect to be doing a lot of work for our clients on innovating their product offerings and optimizing the back-end operations,” said Mohammad Rashid, head of mortgage practice.
Recently, Tavant developed Mortgage Portals Reference Architecture and Implementation, which acts like a starter kit to build any portal (consumer direct, wholesale, correspondent, servicing, etc.). The company also offers test automation framework that allows business users/testers to create test cases that convert to a script to do automated acceptance testing.
“We’ve developed a number of reusable components or solutions accelerators that allow development of custom systems in a faster and a more accelerated fashion,” Hassan Rashid said. “These accelerators range from HTML5-based client-side UI development frameworks to Rules-based frameworks for developing pricing engines, and test-automation frameworks and test-case libraries.”
But Tavant can also be valuable for lenders looking to bring customers through the front door.
As rising interest rates impact refinance volume, lenders will continue to focus on first-time homebuyers and need to figure out their propensities, including their propensity to buy, propensity to convert, propensity to up-sell and cross-sell and their propensity to default. With Tavant, clients can develop models to provide a data-driven based solution for computing propensities and personalized targeting of these first-time homebuyers.
“The change in demographics, and specifically the Millennials, will be the focus of lenders in 2016 and beyond. Tavant has developed paradigms and patterns of engagement for this demographic and are currently implementing them on front-end offerings by our clients,” Mohammad Rashid said. “We can help lenders align with Millennial interaction patterns and focus on gaining their trust.”
Tavant’s technology expertise in other business lines allows the company to adapt best practices from eBusiness and media and entertainment verticals into the mortgage industry, including the application of predictive analytics, big data and gamification mechanics to the lending industry.
Tavant sees other significant opportunities to help lenders in the new year as well, especially with the changes needed to meet updated HMDA guidelines.
“Our goal is to develop within our clients a culture and platform of innovation as we move beyond the regulatory constraints of 2015,” Hassan Rashid said. “This includes implementing custom front-end mortgage portals and consequent back-end integrations that allow lenders to offer the best journey and path to their borrowers in acquiring a home loan.”