Tavant announced the launch of a new product, Asset Analysis, into Touchless Lending, the company’s artificial intelligence (AI)-powered digital lending platform. Asset Analysis automates an underwriter’s process of reviewing assets and multiple bank statements, checking for relevant loan details and document acceptability to identify and condition for large deposits or deposits from sources that are inconsistent with the loan application. Furthermore, AI and machine learning models are integrated into Asset Analysis to automatically review bank-statement withdrawal transactions to detect, identify and condition for anomalies, undisclosed financial transactions or any recurring payments in the statements. Touchless Lending Asset Analysis is in the near-final stages of production and will be live by the end of June 2023.
Ross Mortgage Corp. announced that the company is expanding with the opening of a new branch in Johnson City, Tennessee. Gregg Pechmann has been hired as branch manager for the new location.
RCN Capital opened a new office in Los Angeles to further support the company’s ongoing expansion strategy and increase efforts to gain greater market share on the West Coast. The company has its corporate headquarters in South Windsor, Connecticut, as well as a satellite office in Charlotte.
Mortgage servicer Rushmore Loan Management Services announced that it has entered into a definitive agreement to sell its residential mortgage servicing platform (which includes approximately 250,000 customers with a total of about $37 billion in unpaid principal balance) to Mr. Cooper Group. The transaction follows Mr. Cooper’s agreement to acquire Roosevelt Management Co. LLC, Rushmore’s parent company, to serve as the platform for its mortgage servicing rights fund asset management strategy. Both transactions are expected to close by midyear 2023, subject to various regulatory approvals and other customary closing conditions.
Kiavi expanded its rental-property financing product to now include condominiums. Kiavi’s debt-service-coverage ratio rental loans finance single-family houses, planned unit developments, two- to four-unit properties, as well as units in multitenant buildings and townhomes with a homeowners association.