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FirstBank Mortgage launches digital lending platform powered by Tavant VΞLOX

TavantTavant, a Silicon Valley-based provider of AI-powered digital lending technologies, announced that Consumer Direct Mortgage, a division of FirstBank, has leveraged FinXperience to develop and deploy a new consumer direct digital lending platform.

A component of Tavant VΞLOX, an AI-powered digital lending suite of products, FinXperience is a point-of-sale solution that provides a simplified digital experience across all lending channels.

“Tavant has been an outstanding technology partner in turning our vision into a reality,” said Jamie Thornton, director, Online Mortgage Lending for FirstBank.

“During our due diligence, they were the only provider that was able to adapt their product to our unique business model and in turn, build a platform that was tailored to our specific workflow and business processes. Together, we’ve launched a modern mortgage application platform that provides rate and cost transparency while reducing loan durations, providing an enhanced customer experience,” Thornton added.

US-based FirstBank will now be able to provide a differentiated borrower experience through seamless integration of data-driven processes and personalized journeys with a suite of portals and companion mobile applications. Using FinXperience, lenders will able to grow origination volumes by 2.5 times, improve pull-through rates by 25 per cent, cut down origination costs by 35 per cent and reduce the average loan close time by 14 days, according to the statement.

“Launching a new, customer-focused platform provides FirstBank a significant competitive advantage in an increasingly fierce market. FinXperience, empowers the Bank with a design-centric approach and enables a seamless, device-agnostic experience to meet evolving customer expectations. This initiative will accelerate FirstBank’s digital transformation journey and further improve the overall home buying experience for their customers, while optimizing existing business processes and functions,” said Hassan Rashid, CRO of Tavant.

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