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Xome Announces Launch Of Inspex, A 'Virtual Valuations Mobile App For DIY Home Inspections

Xome® Launches Inspex™, A Virtual Valuations Mobile App For DIY Home Inspections DALLAS, Sept. 01, 2020 (GLOBE NEWSWIRE) -- Xome Holdings LLC ("Xome"), the leading end-to-end provider of seamless

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Xome® Launches Inspex™, A Virtual Valuations Mobile App For DIY Home Inspections

DALLAS, Sept. 01, 2020 (GLOBE NEWSWIRE) -- Xome Holdings LLC ("Xome"), the leading end-to-end provider of seamless real estate services, today introduced Inspex by Xome, a do-it-yourself home inspection and valuation process mobile application, 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 percent.
 

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 engages 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, overburdened appraisers can spend time where it's really needed – handling more complex valuations. This DIY approach generates results three days sooner than the standard five-to-seven-day appraisal.

What makes Inspex different is the way the mobile application is integrated into an entire valuation cascade of products. Not all properties and loan types are right for a consumer-aided inspection, so Inspex uses an eligibility screening process to help lenders and appraisers determine when and where Inspex can be used as part of the valuation process.

"Clients have been asking for less invasive processes to offer 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 consumers 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 photos 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 confidence that the property is a fit for contactless inspection
  • Public records and MLS data to confirm property details and accuracy of homeowner responses

For lenders, Inspex offers a more streamlined and efficient approach, using improved property record data, which reduces borrower discrepancies and the need for additional valuation orders.

The Inspex application was developed in partnership with Manor Financial.

About Xome

Xome Holdings LLC is a real estate solutions provider serving mortgage servicers, originators, real estate professionals, financial institutions and home buyers and sellers. Xome offers asset management, property disposition, title, close, valuation and field services through an integrated, technology-driven platform. Based in the Dallas area, Xome is an indirect wholly-owned subsidiary of Mr. Cooper Group Inc. (NASDAQ:COOP). For more information, please visit www.xomesolutions.com.

Media Contact

Cherie Gifford

Manager, Corporate Communications

mediarelations@xome.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/51d9ec82-d968-4743-803f-90f1a5f0ae82

 

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