The realities of COVID-19 have forced appraisers and lenders to find new ways to conduct interior inspections. Inspex by Xome, a mobile inspection app, allows lenders to offer borrowers an easy, contactless valuation option that accelerates loan application approvals.
Inspex is the result of Xome collaborating with several lender lab partners to improve the real estate experience for appraisers, lenders and consumers.
The app walks consumers through the process of taking and submitting exterior and interior photos and videos of their own property. The information provided is independently verified and lenders are able to control how and when Inspex is used in the mortgage process.
The app was designed to be a patented process rather than a photo collection application. The first step of that process is an eligibility tool backed by a customizable set of rules to determine whether the property requires a traditional inspection or if Inspex is the right fit. Those rules can include AVM Value and Confidence Score, square footage, property type, and public record vs. MLS discrepancies.
Inspex was developed as part of an entire valuation system. The app can be used as the inspection component to an appraisal or for valuation products that do not require an appraiser or other inspection. This approach lends Inspex the flexibility to be used across a variety of channels, from home equity lending to servicing.
With Inspex, property owners have a safe and secure way to complete a property valuation without anyone needing to enter their home. The app guides the borrower through an easy, step-by-step process that is complete in less than 20 minutes. Because they can complete the inspection at their convenience, it reduces scheduling hassles.
The information gathered by the app is verified independently using public record data. It’s also fraud-proof, with time and date stamps on photos and built-in safeguards to ensure locational data integrity remains intact, providing peace of mind for lenders and appraisers.
Lenders will appreciate that Inspex allows them to offer customers easy-to-use tools and resources to quickly help them achieve their homeownership goals. Inspex also lowers costs and improves speed-to-close, with valuation results in days rather than weeks.
In cases where the homeowner is not comfortable with a vendor in-home inspection, Inspex can be coupled with an appraiser-completed exterior inspection, still allowing for a full-scope review of the property. Appraisers are able to remain independent and can produce an independent valuation without needing to schedule appointments.
Throughout the Inspex development process, Xome and its partners gave careful consideration to how this process will affect the lender and the borrower.
Not all borrowers will embrace the ability to perform their own inspection and not all properties are suited for it – Inspex is designed to offer lenders and servicers the flexibility to use it at the right time, for the right customer and for the right properties.
Product Name: Inspex by Xome
Snapshot: Inspex is an easily accessible and useable app that can be downloaded from the borrower’s preferred app store. This DIY home inspection app is integrated into Xome’s valuation systems to make inspections easier for borrowers while still giving lenders the tools they need to manage risk.