- 8 months ago
- #fintech
- #lendingsolutions
- #mortgagetech
Unlock seamless lending experiences with Tevant! Watch this demo to discover how their AI-powered platform integrates loan origination and servicing, creating a smooth journey for consumers.
See how the platform manages everything from the initial loan application to handling servicing payments and payoff requests. Explore mortgage calculators that empower informed financial choices. See the commitment to a user-friendly lending experience.
Get a glimpse into their product landscape, including consumer, loan officer, and broker experiences. Discover automation capabilities for underwriting, document analysis, and credit analysis, plus FinConnect for enhanced connectivity.
#FinTech #LendingSolutions #MortgageTech
See how the platform manages everything from the initial loan application to handling servicing payments and payoff requests. Explore mortgage calculators that empower informed financial choices. See the commitment to a user-friendly lending experience.
Get a glimpse into their product landscape, including consumer, loan officer, and broker experiences. Discover automation capabilities for underwriting, document analysis, and credit analysis, plus FinConnect for enhanced connectivity.
#FinTech #LendingSolutions #MortgageTech
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TechTranscript
00:00I'm Allison LaForgia,
00:06Managing Editor of HousingWire's Content Studio.
00:09Today, we're going through a demo of
00:10Tevant Touchless Lending Experiences with Cindeep.
00:13This demonstration is designed to
00:15showcase Tevant's AI-powered capability to seamlessly
00:19integrate both loan origination and
00:22servicing into the consumer journey.
00:24It will provide a comprehensive overview of
00:26the platform's features beginning with
00:28the application process for a loan and
00:31extending through the various stages of task management.
00:34Attendees will witness how the platform efficiently
00:37handles servicing payments,
00:39provides detailed escrow information,
00:41and facilitates payoff requests.
00:44Additionally, the demo will highlight
00:46the use of mortgage calculators,
00:48further illustrating how Tevant empowers with
00:51the tools they need for
00:53informed financial decision-making.
00:55By covering these diverse aspects,
00:57this presentation will underscore Tevant's commitment to
00:59delivering a holistic and user-friendly lending experience.
01:02Cindeep, take us through the demo.
01:05Good morning, good afternoon, everyone.
01:07My name is Cindeep Shivam.
01:08I'm Associate Director at Tevant,
01:11and I own Touchless Lending Experience
01:13product suite at Tevant.
01:15So, I'm going to quickly share my screen to just give a quick overview of what Tevant does and what we offer.
01:25So, you should be able to see my screen.
01:28We are an IT services company to begin with.
01:32We started in 2000.
01:33So, we are into the business for the last 25 years.
01:36We have global presence.
01:38We are there in eight countries in various continents,
01:42like Asia, Europe, North America, South America, Australia.
01:47And our employees are more than 3,000 at different locations.
01:54We have 120 plus clients in various industries.
01:57The main industry that we cater to is FinTech, which is what we'll focus on.
02:03And in FinTech side, we got into the product business.
02:07And as part of that, we have launched multiple products.
02:11So, this is our product landscape.
02:14On the left-hand side, you see experience.
02:16So, you have consumer experience, which is not only origination, but also servicing.
02:21So, it is we believe in customer for life, and that's what we look to offer to our lender,
02:28where it is from lead until loan gets paid off and beyond.
02:32Then you have loan officer or banker experience,
02:37then broker experience, which is for third-party originator.
02:40Realtor or partner portal is there through our platform.
02:43And the next segment here is automation, which helps in underwriting,
02:48like automated business analysis, document analysis, credit analysis.
02:53So, basically, a task gets automatically created when credit report comes in.
02:59When appraisal comes in, automated appraisal happens, and then conditions get created.
03:04Then we also have FinConnect, which enables us to have 150 plus connector on the two sides of it,
03:09like experience and automation.
03:11And the last is database, which helps us give insight to lenders in terms of improve their process and business.
03:18So, that's our product landscape.
03:19As Alison mentioned, we talk about experiences primarily on consumer.
03:25So, let's get into the demo.
03:26Let me switch on to the mobile.
03:28This is consumer version of mobile app, and as you can see, this is the landing page.
03:36So, when lender deploys it into their instance, you will not have touchless lending logo as it shows at the top.
03:43It will have lender logo.
03:45So, basically, it's white-level mobile app, which gets deployed in App Store and Play Store and with lender branding.
03:54So, anybody coming here, once they download the app, they can register.
03:59This is the option to register.
04:01Or, if you're already an existing user, you can log in either by entering your email ID password or just by using the PIN,
04:10where PIN will be coming to your email ID.
04:12So, for our purpose, I'm going to log in as a test user by providing email ID and password.
04:23Just to call out, the platform supports biometrics.
04:27So, if face ID is there on the phone, it will support that.
04:30So, as soon as I landed here, I'm here on the dashboard where I can see there are three tabs at the top, in progress loan, submitted loans, and my loans.
04:40In progress and submitted are basically applications, which are on the origination side.
04:45In progress is something which you, as a borrower, haven't finished it, haven't submitted to the lender.
04:52And then submitted is something which you have completed the 1003 URL and now it is for lender to create conditions and do other stuff.
05:00And my loans is basically, if you have any servicing loan with this lender, then it will fall into my loan bucket.
05:11Okay, we'll start from here.
05:12So, once you get into the loan, you can see I have already filled the application.
05:18So, all the sections are called out that these have been completed.
05:22I'll quickly run through them.
05:23Like, if I get into get started, I have two borrowers in this, Jerry Bette and Eva Smith.
05:28I can take a look at the information for all of them.
05:31As I was filling the application, I will also have an option to edit it.
05:36So, if I want to change any of these information, like if I want to change my phone number here, I can very much do that.
05:42But for our purpose, I'm not going to do that.
05:44As soon as you see I did that and was navigating out of the screen, it gave me unsafe data warning.
05:50For our purpose, we'll say yes, let's go ahead.
05:53Similarly, we have credit information where you can see there are three liabilities that have been added for Jerry Bette.
06:00If I want, I can edit any one of these.
06:02So, let's say if I click on this, these liabilities I can edit as needed.
06:09The other section is property information where I have details of the property.
06:13So, if I need to edit that, I can do that as well.
06:17So, basically all I'm trying to highlight, it has all pages of 1003 Orla.
06:22I need not go through each one of them and demo it to you now, but just calling out that all the sections of Orla is there.
06:31I can simply click here on the triple dot menu on the top right corner.
06:36I can go to dashboard or look at my loan team or do other stuff.
06:40So, for our purpose, we'll go on to the dashboard.
06:43When I come back onto the dashboard, here I have option to get rate code, apply for a new loan.
06:49So, let's say I'm looking for a new loan.
06:51So, as soon as I click on it, it gives me this page where I can fill in the information and apply for new loan by providing information.
07:00I'll go back onto the dashboard.
07:02The other option I have is link alone.
07:05As we talked about, this is a unified platform which deals with origination as well as servicing.
07:13So, let's say as a borrower, I don't see a loan being present here.
07:18I have an option to put my date of birth, last four digit of social, property zip code, and then search for the loan.
07:25Alternatively, I can also search for the loan based on loan number that I'll have and last four digit of social.
07:32So, that will allow me to search loan and then link that loan into my profile.
07:37If application has been submitted, then we can see the details like you as a borrower, I can manage my consent.
07:46I can say I am consenting to it or I am not consenting to it.
07:50I can see the status of the loan.
07:51So, right now we have completed the application, but there are various stages like pre-qualified, pre-approval, underwriting, closing, documents being ready and funded.
08:03So, as a borrower, I know what all stages this loan has to go through before funding happens.
08:10Then, if there are any tasks which needs to be resolved, then that also can be looked at.
08:17So, for example, if I say, okay, what are the tasks pending?
08:22Let's say there is one miscellaneous task.
08:24Here, I can upload the document or take picture from my phone.
08:28So, right now I am taking picture from my phone just by clicking on my desk, using this photo as I want.
08:36I can crop it as needed and then say choose and this basically uploads the document and with this, I can submit the task.
08:45So, this way, I will be able to submit the documents on a task that is assigned to me.
08:53So, that's on a high-level origination side.
08:56Let's look at my loans where we have servicing.
08:59So, once we get into my loan, it will highlight high-level details of it.
09:05When I click on it, first time, when I'm going into a servicing loan, it will ask me to set up my online billing options so that statements can be delivered on email and it doesn't have to come physically.
09:18If I have set it up well and good, if I have not and I don't want this message, then I can say don't show it to me again and I can straightaway go into the loan summary.
09:28So, on servicing loan, which is already funded and lender is servicing, here the borrower has an option to make payment so borrower can click on the payment.
09:39There is 1,200 monthly payment which is due so I can go ahead and click on make payment or let's say if I want to know how advantageous for me is extra payment of $200, this is where calculator comes in.
09:54And it tells me making an extra payment will save me $1,799 in interest.
10:03If I want to see further detail, it does give the breakup and all, and it is in context of the loan that I'm currently looking at.
10:11So, that's a calculator which comes through our platform powered by LoopFusion.
10:16On payment activity, we have all the recent payments that have been made on the loan.
10:23And it also calls out whether that has been paid or if it is not paid or if there are any late fee.
10:30These color coding at the bottom describes whether there are any delays or not.
10:35On payment information section, it gives all the scheduled payment that has happened on the loan by date.
10:42And then it also has an option to see the payment history, where as a borrower, I will have an option to filter or do a search based on date range and then apply.
10:54And after that, I should be able to sort it, I should be able to print it, I should be able to do all that.
10:59Then the next option here is to have bank account.
11:03We allow adding multiple bank account on servicing side so that we can allow split payment.
11:08Platform supports a split payment.
11:10That's the reason we have option to add multiple bank accounts.
11:17Document center basically gives information on escrow, tax document and monthly statement.
11:24These documents can be viewed on the app or can be downloaded on the phone.
11:29Then you have payoff request where first time when borrower goes in before placing the request, it says, let's talk to us so that you can talk to the customer services.
11:39Or if you want, you can directly go to provide the reason and request for the payoff or download the payoff depending on what lender supports.
11:48Homeowner's assistance is basically related to hardship.
11:51If there are any loss met or any other thing needed with respect to the account, because borrower is facing some hardship around his or her employment or for any other reason, then this comes in.
12:03When conditions are raised, it allows you to upload the document.
12:07Other aspect which I talked about, I need to enroll for online billing and I can set up for auto payment as well.
12:15So those are options on a high level on servicing side.
12:19But if you look at on the dashboard, there are a few other things that I wanted to call out.
12:24Like it has push notification feature.
12:27When you go on to profile, it lets you set your preferences like, for example, servicing.
12:33I want to receive email alert.
12:35I want to receive text alert.
12:37I want to receive push notification.
12:39So as a borrower, I can choose what exactly I want and then accordingly set it up as my notification preferences.
12:46It also has contact us information, which basically gives information about if you have a payment issue.
12:56This is the department you need to go.
12:58If you are on origination side, then it gives information for the loan officer.
13:03Glossary is a static content that loan office, that lender, lender owns it through content management system and they can change it at any point of time.
13:15We just provide link for content management system for the lender.
13:19And that should be good enough for lender to get the details.
13:23FAQs, again, static content that lender publishes on their own and lender has full control around it.
13:31So that's on a high level what platform brings.
13:33This is a plain vanilla version of it.
13:36But when it gets deployed to various clients, we also have offers, marketing banners, deals for borrower to be displayed or if there are any third party links which needs to be displayed to help borrower understand about the worth of their home.
13:54So all the things can be there in the app so that it is easier for borrower to have one stop shop, but all their home mortgage need be at the early stage when borrower is looking to buy a property or later stage when borrower has already purchased the property, is into the servicing, but needs some fund as home equity to do some renovation in the house or for some other purpose.
14:20At this note, I'll end this demo here.
14:24I'll open for questions.
14:25Thank you for the use of the demo.
14:26Let's jump right into some questions.
14:28First, does your product enable an existing borrower with a service loan to apply for home equity?
14:35Absolutely.
14:36So as I was doing the demo at the end, I talked about this platform is for customer for the life.
14:44That's the principle it follows.
14:46And I also talked about when loan is in servicing side, you have an option to avail home equity.
14:52So what it does is our home equity workflow is quite enhanced when you have a servicing loan which is eligible for home equity.
15:00You can simply click on a button, say I'm looking for home equity.
15:04It will pre-fill the application as much as possible based on existing servicing loan.
15:10And then we'll take you through the workflow where you will have automated decisions.
15:15So no loan officers you need to contact, nobody you need to contact.
15:20You just need to complete few steps where we'll pull your most recent credit report and we'll do income verification and few certain other steps like doing ABM and all.
15:31All will happen behind the scene.
15:33You as a borrower will not know.
15:34But at the end of the day, it will give you, hey, you are eligible for home equity amount of $100,000 as an example.
15:40So yes, it does support and all at your fingertips in your palm.
15:46And what kinds of integration options does your platform provide for connecting with other financial systems and third party services?
15:55That's another excellent question.
15:57Thank you for asking that.
15:59As I was talking about Tavant product landscape, I said we have FinConnect, which has 150 plus integrations.
16:07So that FinConnect enables experience to have as many integrations as possible.
16:14So if any integration is needed, FinConnect typically has turnaround time of two to three weeks and we should be able to enable it on the platform.
16:23To give an example, one of our lender was looking for home bot integration through the platform.
16:29So we started working on it and the servicing platform and the unified platform that they are having has home bot integration planned.
16:37And that way, when servicing borrower locks in, they can click on a button and see their home equity value, property details and all.
16:45So we enable that.
16:46There is another example where lender was looking for predictive analysis.
16:50So we integrated with another third party service provider and we enable that feature for lender.
16:56So, yes, very much possible and it should not take too long.
16:59And now moving into a hot topic.
17:02Have you undertaken or planned any work utilizing generative AI on this platform?
17:08I think this is a question that everyone asks nowadays, generative AI, what are we doing around it?
17:17Again, I'll go back to the slide that I showed at the beginning where we had product landscape.
17:22We have done significant work with respect to implementation of generative AI and how AI can help us on underwriting side of it,
17:31where when documents get uploaded, conditions are automatically getting cleared.
17:35So that is happening through artificial intelligence.
17:38We are taking it forward.
17:40So that was on the back end side, but we are taking it forward on origination side, application capture side,
17:46where we are working on implementing conversational AI where you don't have to use your finger to fill in the application.
17:53You just talk to AI and that will fill the application.
17:56We'll have borrower coach, loan officer coach, which will address things which goes to customer services.
18:03For example, borrower says, am I eligible for PMI waiver?
18:07The system will automatically find it out.
18:09And if you are, it will give you all rational.
18:12It will follow Fannie, Freddie or investor guideline, and it will give you all the details.
18:17And if you agree to it, it will automatically create a service request where PMI can be removed from the loan.
18:23We are also implementing agentic AI on our platform so that agents would be able to take decisions.
18:30But there are some hurdles around it, around compliance and thought process on lender side to adopt such technology.
18:38So those would be the challenges that we have to deal with and move along.
18:41Sounds like there's a lot to come in the future.
18:44Absolutely.
18:45Thank you so much for taking us through Tevant Touchless Lending Experiences.
18:50To our audience, for more information about Tevant, click the link below.
18:53click the link below.
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