Mortgage tech provider ServiceLink has launched EXOS Inspect, a patent-pending mobile app that allows borrowers to conduct their own home inspections when a traditional appraisal is not required.
EXOS Inspect uses geo-fencing and time-stamping to provide an accurate look inside the property. The app can also be utilized to complete valuation reports and collect data for portfolio management processes, including loss mitigation, loan modification, and private mortgage insurance (PMI) removal.
Using any compatible device, users can complete video inspection of a room and highlight home improvements in just a minute. The app also has a privacy feature that identifies and screens out specific visuals, such as people, family photographs, and religious objects.
"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 launch of EXOS Inspect, ServiceLink has upgraded the EXOS Close to support virtual closing options for refinance and home equity loans in all 50 states and the District of Columbia. This allows borrowers to facilitate digital closings via online video conferencing programs.