How can enabling technologies like traditional and generative AI, as well as automation, help solve major pain points in the mortgage industry? Can challenges like high costs and lengthy processing times be alleviated by technological innovation?
Mohammad Rashid is Senior Vice President and Head of Innovation at Tavant. In this week’s Streamly interview, we talk with him about how AI and automation can streamline the mortgage application process by eliminating manual tasks and reducing the overall amount of human involvement. Rashid also discusses some of the challenges that financial institutions encounter when adopting new technologies like AI, and the integrated, unified platforms for lenders that Tavant creates.
“This industry has two of the biggest problems plaguing any industry: armies of people that address rivers of paper. Whenever you have a mortgage application you have hundreds of digital (documents) that (are) flowing through the application process. And you have hundreds of people behind the scenes who are looking at that paper, extracting data from that paper, and trying to decision as fast as possible for that loan. That has a lot of side effects.”
Founded in 2000 and headquartered in Santa Clara, California, Tavant provides AI-powered fintech solutions that help businesses become more agile, optimize costs, and benefit from continuous innovation. The company’s AI-powered agents, predictive intelligence, and scalable machine learning models help firms move beyond conventional automation to intelligent, adaptive, and outcome-driven processes. Businesses working with Tavant have reported a 54% increase in speed to market, a 45% reduction in costs, and a 33% improvement in productivity. Tavant’s AI solutions power one in three mortgage loans in the US, with 3.5 million lending applications and 33 million lending transactions enabled.
Rashid has been a part of Tavant for more than two decades. Starting as VP of Lending and Capital Markets in 2003, Rashid was honored with the Housing Wire Vanguard Award in 2017. The Award recognizes leaders in fintech whose work is helping transform the lending business for the better.