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Navigating capacity concerns amidst record-high volumes

Xome’s end-to-end offerings provide the nation’s largest lenders and servicers with intelligent technology solutions

When it comes to common pain points lenders are seeing in the second half of 2020, handling high loan volumes continues to loom large. Of course, it’s a good problem to have, but difficult to navigate in terms of scalable solutions. In times like these, the “one-stop-shop” approach to the servicing and lending process has become even more appealing, and there is a company providing that in a flexible capacity: Xome. 

A Comprehensive Solution

Since launching in 2015, Xome has become a one-stop-shop for the entire real estate experience connecting every major touchpoint in the transaction process, from finding a home to closing the loan. Guided by a leadership team with more than 150 years of combined industry experience, today Xome is recognized as a leading end-to-end solutions provider. Working with some of the nation’s largest banks and mortgage servicers, offering asset management, property disposition, title, close, valuation, and field services through an integrated, technology-driven platform. Through a combination of deep knowledge, driven by a proprietary integrated technology platform and data-driven insights, Xome is able to anticipate the needs of its clients and more efficiently manage processes.

On the road to evolving into a comprehensive real estate services and technology company with the ability to manage the entire mortgage lifecycle, Xome was named a HousingWire Tech100 winner in both 2018 and 2020. Its strong company culture was also recognized in 2019 and 2020 earning a certification as a “Great Place to Work.” With shared values that drive team member success and a vast portfolio of solutions across every step of the home-buying and financing process, Xome is uniquely positioned to help partners tackle the unforeseen challenges of this year. 

Solutions to Pandemic Era Issues

As low mortgage rates continue to fuel the housing market, lenders are reporting record-breaking purchase and refinance volumes. Some have responded with large hiring surges, others with long hours, some with a mixture of both. And they’re not alone. At the start of the pandemic, servicers experienced record call volumes. Now, they’re bracing for another increase as customers transition out of forbearance.

Xome CEO, Mike Rawls reiterated that while the pandemic has propelled every mortgage company into unchartered territory, if there’s one lesson we’ve learned from the 2008 crisis, it’s the importance of preparedness.  As the economy recovers, mortgage companies must take the necessary steps to position themselves to manage the unique influx of demands impacting both the originations and servicing sides of the house.

“We have the ability to shapeshift and reallocate our resources very quickly from one part of the mortgage process to another,” said Rawls. “This is a huge value for our clients when it is crunch time.”

Lenders and servicers are in need of efficient and scalable solutions, and without them, may be faced with financial loss from drawn-out processes and the inability to meet demand quickly enough. Xome works with its clients to provide what they need, when they need it. While Xome is a service provider offering end-to-end solutions, it’s also a partner to its clients with the potential to enhance their workforce while efficiently moving tasks through a seamless workflow, saving time and potential loss exposure. 

In light of the pandemic, mortgage companies have a great opportunity to leverage digital technologies in unique ways. When COVID-19 complicated the appraisal process, Xome was able to direct its lender clients to its contactless valuation option via a mobile app. The app, Inspex, provides lenders a way to offer borrowers an easy valuation that accelerates loan application approvals. Inspex solves an issue unique to 2020 by adding flexibility for homeowners who may not be comfortable with a vendor in-home inspection. In these situations, Inspex can be paired with an appraiser-completed exterior inspection. 

As the industry works to eliminate much of what has been historically manual processes through the implementation of AI and machine-learning tools, intelligent automation can be particularly useful. Paired with one of the industry’s largest collections of real estate data in the U.S. with over 120 million detailed property records, Xome provides a full suite of integrated, data-driven offerings.  For instance, in title, Xome’s proprietary decision-making engine gives lenders a clear-to-close almost instantaneously on up to 40 percent of orders.  This frees up time and allows operations to focus more of their efforts on the exceptions.  

These are only two examples of what Xome has to offer in its end-to-end solution, and the solution ranges from asset management to default services and more. Beyond specific offerings, Xome gives clients the convenient option of having everything in one place. Rather than a laundry list of vendors to aid in specific areas of the mortgage cycle in limited capacity, Xome can provide end-to-end services. This frees up time and expenses, while also eliminating confusion as lenders and servicers continue to work through unprecedented numbers and brace for the next wave of high demand. 

Intelligent Technology Solutions 

Along with housing professionals, homebuyers are navigating a confusing new landscape of purchasing a home during a pandemic. If they weren’t expecting a smooth, digital experience at the beginning of the year, they certainly can and should now. Xome empowers lenders and servicers to provide their clients with a seamless experience. This is made evident by the fact that 14 of the top 15 mortgage servicers and 80% of the top lenders partner with Xome.

No matter what 2020 throws at the housing market, Xome is ready to provide professional help to servicers, lenders and home buyers and sellers when they need it, empowering customers to transact efficiently, saving time and money. For more information on what Xome can do for you, visit www.xomesolutions.com.

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