EXOS Valuations and EXOS One Marketplace leverage technology to enable more efficient mortgage services
Lenders are always looking for shorter cycle times and a better customer experience from their vendor partners, as well as assurance their valuations are handled by licensed and experienced appraisers.
Servicers want to work with partners who leverage data and experience to offer solutions that can predict issues, prescribe better outcomes and mitigate financial loss. And throughout the entire mortgage process, consumers expect speed and convenience.
EXOS Technologies, developed by and for ServiceLink, offers a suite of advanced digital solutions to serve real estate lenders, servicers, investors and consumers.
Its solutions, which include EXOS Valuations and EXOS One Marketplace, use technology to enable more efficient mortgage services — allowing customers to streamline their processes, improve their decision-making and engage more directly with their borrowers.
With EXOS Valuations, the industry’s first consumer appraisal scheduling app, after the appraisal is ordered from ServiceLink or another vendor, consumers can schedule their own appraisal appointment from their mobile or desktop device, using real time availability of the appraisers on the EXOS platform.
In addition, the consumer receives instant confirmation of their appointment time as well information about their appraiser, and an opportunity to learn more about the process itself. On average, use of this app shortens the appraisal process by days.
Most lenders and POS providers focus on pre-qualification and the credit decision when it comes to the digital experience, with a more old-fashioned interaction following the post-credit decision.
The EXOS consumer scheduling app was designed to tech-enable a previously manual service, giving consumers a better digital experience by making valuation scheduling more convenient.
“For many lenders, appraisal cycle times have been and continue to be a bottleneck in the origination process. The traditional process of leaving messages, playing phone tag and exchanging emails and texts just to schedule the appraisal appointment adds days and in some cases weeks to application-to-closing times,” said Phillip King, vice president, principal product manager, EXOS Valuations. “EXOS reduces cycle times, creates better transparency into processes and improves client and customer experiences.”
EXOS One Marketplace is a revolutionary asset decision tool that complements a servicer’s core operating system and process. Using machine learning and artificial intelligence, EXOS One Marketplace provides a range of property data and valuation analytics that enables users to select the best disposition path for defaulted properties.
“EXOS One Marketplace combines everything a servicer needs in order to make an informed decision about how to disposition an asset without conducting an in-person appraisal, and also provides the opportunity to order services within the platform itself,” said Bryan Bellacosa, first vice president, product management and information technology, ServiceLink. “The platform is designed to streamline ordering, reduce losses and help servicers and investors select the best possible outcome for properties in default.”
The platform integrates and automates the various components of the default decisioning process, capturing critical information about a property’s ownership/title status, its current physical condition, geographical and neighborhood data, valuation and the likely financial outcome from the disposition path selected.
EXOS One Marketplace gives servicers a new level of visibility into all aspects of the default process, allowing servicers to efficiently manage their assets.
Article originally appeared on HousingWire April 1, 2020 By Content Solutions Team
