New asset decisioning tool uses predictive modeling to help mortgage servicers and investors make informed decisions in managing their portfolios, particularly where FHA loans are involved.
Servicers and investors are facing mounting uncertainty in the coming months. What is certain, however, is a more complex market, evolving regulatory activity, and an increase in defaulted loans. New technology is poised to help servicers and investors make better decisions of how to manage their default portfolios. Innovations in the default industry can assist in mitigating risk, reducing holding times, saving cost and enhancing operational efficiencies. Much-needed transparency into managing servicing portfolios allows for the monitoring and tracking of assets throughout the entire default lifecycle. What if those in charge of managing the disposition of these properties could keep track of all the aspects that affect decisions, such as property preservation, title, auction and valuations in one consolidated view? Feedback from those in the industry has helped to develop a solution.
Recently, ServiceLink, a leading third-party mortgage services and technology firm, debuted EXOS One Marketplace™, an asset decisioning tool, which brings artificial intelligence, machine learning and data analytics to the task, making it easier for servicers and investors to view recommended disposition options, at-a-glance.
“We developed EXOS One Marketplace to help servicers and investors manage timelines, project costs and determine the best disposition paths so they can mitigate risk and reduce losses,” says Ryan Helms, Product Manager at ServiceLink. “EXOS One Marketplace gives them a view of their assets, and uses predictive modeling to help them compare disposition paths and adjust their strategies as new information becomes available.”
Helms adds that EXOS One Marketplace is particularly effective in managing FHA loans. “Servicers often express frustration in navigating the complexities of the FHA program. EXOS One Marketplace eases those frustrations by bringing information regarding the property together in one place,” he says.
EXOS One Marketplace also takes the dynamic nature of managing real estate assets in a portfolio into account, calculating and recalculating as circumstances evolve. Helms explains, “As new data becomes available, like an updated valuation or property preservation costs, the servicer can see potential opportunities and adjust their strategy. 'Should a property be purchased out of the FHA pool and taken to REO?' 'Does this asset need to be dispositioned as quickly as possible due to extremely high holding costs?' To assist with decisions such as these, EXOS One Marketplace provides additional modeling to calculate how quickly a property might sell at auction, how long it will take to clear title and future cost forecasting for large-ticket property preservation expenses. Overall, this tool offers insight so users can make quick decisions as to how long they want to continue holding a particular asset.”
The tool’s smart technology will also continue to sharpen the user experience and quality as more feedback is received from users of EXOS One Marketplace. “One of the benefits of being the largest default services provider is that we have the advantage of garnering feedback from across the industry. This helped shape what EXOS One Marketplace is today, and it continues to evolve and will provide the industry a better view into distressed assets moving forward,” says Helms.
Visit svclnk.com/onemarketplace to learn more about EXOS One Marketplace.