MReport September 2020

TheMReport — News and strategies for the evolving mortgage marketplace.

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4 | M R EP O RT MTECH The Latest Digital Advantages From robotic process automation to virtual valuations, here's how the industry is innovating. Making Virtual Valuations Mobile XOME HAS INTRODUCED A DO-IT-YOURSELF HOME INSPECTION AND VALUATION PROCESS MOBILE APPLICATION. X ome Holdings LLC, an end-to-end provider of real estate services, introduced Inspex by Xome, empowering lenders to provide borrowers with a simple, contactless option that reduces wait times on appraisals and other valuation products by as much as 50%. Nationwide shelter-in-place mandates, brought on by COVID-19, have further increased consumer appetite for digital offerings. Inspex provides a safe and secure way to complete a property valuation at a lower cost than previously possible, without the inconvenience of scheduling an appointment with an appraiser. The new application is part of a patent-pending process that engag- es Xome's entire valuation system for use in home equity lending and servicing across the mortgage industry. Inspex guides eligible homeowners through the step- by-step process of quickly taking exterior and interior photos and videos of their home in less than 20 minutes. As a result, overbur- dened appraisers can spend time where it's really needed—handling more complex valuations. This DIY approach generates results three days sooner than the stan- dard five-to-seven-day appraisal. The application is integrated into an entire valuation cascade of products. Not all properties and loan types are right for a consumer-aided inspection, a spokesperson said, so Inspex uses an eligibility screening process to help lenders and appraisers deter- mine when and where Inspex can be used as part of the valuation process. "Clients have been asking for less invasive processes to of- fer their customers, so last year, we began working to develop solutions that are fast, easy, and convenient," said Mike Rawls, CEO of Xome. "The current pandemic further validates our development of Inspex, which is now live and being utilized by lenders to modernize appraisals using technology. As we look to reduce strain and free up valuable resources for lenders, innovation and a technology-forward focus is the best path to help consum- ers achieve their homeownership goals." To protect the integrity of each appraisal while reducing the risk of fraud, the application offers the following safeguards: Time and date stamps on pho- tos and videos, as well as tagging locational data to each image A homeowner questionnaire about the home (acreage, square footage, total number of bedrooms and bathrooms) to ensure confi- dence that the property is a fit for contactless inspection Public records and MLS data to confirm property details and ac- curacy of homeowner responses For lenders, Inspex offers a more streamlined approach, using improved property record data, which reduces borrower discrep- ancies and the need for additional valuation orders. The Inspex application was developed in partnership with Manor Financial. Streamlining the Lending Process THE NEW VERIFICATION SERVICE MAKES IT EASY FOR CONSUMERS TO DEMONSTRATE THEIR ABILITY TO REPAY MORTGAGE LOANS ELECTRONICALLY. F ormFree announced the availability of its Ac- countChek automated asset verification service within Blue Sage's cloud-based digital mortgage lending platform. The integration makes it possible for borrowers to verify assets with AccountChek through the Blue Sage Borrower Portal and for loan originators to order reports through the Blue Sage Loan Of- ficer Portal and Retail LOS. FormFree's AccountChek verification service makes it easy for consumers to demonstrate their ability to repay mortgage loans by electronically, fetch- ing bank statements, and other asset documentation. Faster and

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