Tavant Technologies, a digital products and solutions company for the consumer lending industry, announced Thursday it is releasing its new product that will allow lenders to see all loan options from Fannie Mae and Freddie Mac in one single click.
Tavant announced it is collaborating with Freddie Mac to launch a one-click submission of loan data to Loan Product Advisor, Freddie Mac’s automated underwriting system.
“We are enabling mortgage lenders to thrive in the digital era,” Tavant Chief Revenue Officer Hassan Rashid said. “Our partnership with Freddie Mac will increase productivity, improve accuracy in the loan decisioning and underwriting process and reduce the overall origination cycle time.”
“It provides intelligent support throughout the loan lifecycle and reduces the overall cost of loan origination,” Rashid said.
The new solution uses machine learning and process automation to allow lenders to submit loan data using one click to both Fannie Mae and Freddie Mac. This will enable lenders to see the full view of options available to their borrowers.
For the first phase, the company will make its pilot program available for four selected lenders. While Tavant couldn’t disclose which four lenders it had chosen, it explained to HousingWire that in selecting lenders for the pilot program, it focused on diversity. The company chose three non-banks and one large bank, all of which are national lenders. The lenders were chosen based on their diversity in different channels and the types of loans they originate.
“Freddie Mac is excited about this partnership with Tavant,” said Rick Lang, Freddie Mac vice president of the Loan Advisor Suite strategy and integration for the single-family business. “We have a shared vision of embracing and adapting new technologies such as machine learning and automation to empower our clients.”
“Lenders are looking for solutions that provide them with the loan origination options needed to more efficiently deliver a better borrower experience,” Lang said.
Back in April, Cloudvirga announced a similar program, announcing it partnered with Freddie Mac to launch a single-click submission platform for loan data, which will show lenders loan options from both GSEs.