Technology Solution For Real Estate Inspections Debuts
Lenders can now enable borrowers to complete home inspections right from the comfort and safety of their homes with a new solution from ServiceLink. EXOS Inspect’s patent-pending technology – featuring the latest artificial intelligence (AI) and intuitive user interface – enables homeowners to complete fast, easy and secure video inspections for critical aspects of the lending and servicing process.
EXOS Inspect is a new mobile app that empowers borrowers to conduct their own home inspections when a traditional appraisal inspection is not required. The app, developed in partnership with two of the largest global technology firms, can be used to support home equity lending and collect data for portfolio management processes including loss mitigation, loan modification and private mortgage insurance (PMI) removal. By ensuring lenders, investors and servicers have the most up-to-date property information, EXOS Inspect enables them to make more informed decisions, while increasing efficiency and elevating the consumer experience.
Homeowners are guided through a step-by-step process using any compatible smartphone or tablet to complete a video inspection of a room and highlight home improvements in under a minute. Geo-fencing, time-stamping and AI technology assure the accuracy of the data. Video provides a higher level of transparency than photos alone assuring all angles of the rooms and property are evaluated during the inspection process. EXOS Inspect goes beyond standard functionality by providing a unique privacy feature to identify and screen out specific visuals, such as people, most family photographs and many religious objects.
EXOS Inspect can be used as a standalone app or incorporated into a lender’s existing digital consumer experience. It provides a “look inside” the subject property to support portfolio management or to complete a variety of valuation reports, such as a property condition report, broker evaluation and a desktop appraisal, that do not require a full appraisal. Ultimately, the property data or the final report is delivered electronically to the end user using the latest information security standards. “Although much of the mortgage process can be done online or remotely by phone, many inspections still require in-person interaction between consumers and inspectors,” said Dave Steinmetz, originations division president for ServiceLink. “EXOS Inspect will play an immediate role in today’s market, as well as the future real estate lending industry – supporting and enhancing the digital mortgage experience that consumers and lenders will soon come to expect regularly.”
In addition to the release of EXOS Inspect, ServiceLink recently upgraded the EXOS Close solution, which now supports virtual closing options in all 50 states and the District of Columbia for refinance and home equity loans. Borrowers will be able to use easily accessible online video conferencing programs to facilitate virtual closings. Additionally, ServiceLink is working with leading remote online notarization platforms for refinance and home equity closings. These virtual solutions offer greater convenience to homeowners while complying with title and recording requirements in every jurisdiction nationwide.
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