Technology from Tavant is playing a role in the comeback of mortgage lender Ditech.
Having completed a financial restructuring that helped bring it out of Chapter 11 bankruptcy in February, Ditech has unveiled a mortgage point of sale solution geared toward Millennial and Generation Z borrowers. The new technology was developed as part of a joint effort between Ditech’s own in-house team and Tavant Technologies, with its digital lending platform, VELOX.
“Tavant is excited to partner with Ditech in an effort to provide a game-changing experience to customers and partners,” Tavant Chief Revenue Officer Hassan Rashid said. “The collaboration brought to life a system that is powered by VELOX and customized for Ditech’s needs based on customer journeys and workflows created by its Innovation Lab.”
Founded in 1958, Ditech Holdings is a Fort Washington, Pennsylvania-based independent servicer and originator of mortgage loans, as well as a reverse mortgage loan servicer. With 3,700 employees, the company trades on the New York Stock Exchange under the ticker “DHCP” and has a market capitalization of $27 million.
“We have been extremely focused on transforming our organization’s customer experience through the adaption of digital solutions that entice the next generation of borrowers, including Millennials and Generation Z.” Ditech Chief Operating Officer Ritesh Chaturbedi said. “Our new system, built on the Tavant VELO platform, is expected to allow for a harmonious, omni-channel experience that will drive trust with customers.”
Tavant’s partnership news comes just days after the company announced another collaboration, this time working with ComplianceEase, an automated compliance solutions provider. The company will integrate with Tavant’s VELOX technology to improve the digital experience for borrowers and make it easier for lenders to close loans. Tavant teamed up with Freddie Mac in May to enable one-click submission of loan data to Freddie Mac’s automated underwriting system. That same month, Factual Data, a major U.S. credit and data validation services provider to the mortgage industry, announced credit integration with Tavant’s VELOX solution.
Headquartered in Santa Clara, California, Tavant Technologies demonstrated its VELOX at FinovateSpring 2017. The VELOX product suite consists of four elements: FinXperience, a suite of portals and companion mobile apps; FinCapture, an autonomous document ingestion platform; FinConnect, a modern mortgage data and services hub; and FinSight, an analytics engine for predictive insights.
Tavant Technologies was founded in 2000. Sarvesh Mahesh is CEO.