Verification solutions provider Xactus wants to court more lenders through its active listing data in a tight housing market.
Xactus Wednesday announced its new active listing scan program, which will scan residential addresses for changes in listing status and the average number of days on market for a neighborhood. The monitoring program, covering all 50 states, includes MLS listing data as well as public records from data aggregators. Listing dates, prices and broker contact information also are available through active listing scan, according to Xactus.
“It’s no secret — today’s market is extremely tight and competitive,” said Michael Crockett, chief data officer at Xactus. Solutions like active listing scan will help customers “close more loans more quickly,” he added.
In May, the inventory of homes for sale rose 8%, marking the first inventory rebound since June 2019. Compared to May 2020, the inventory of active listings was still down 48.5%, meaning there are still only half as many homes available, according to Realtor.com‘s monthly report. The national median home price also reached an all-time high of $447,00 last month, jumping 35.4% year over year.
Other ways active listing scan will help lenders include reducing attrition and boosting retention as current customers buy new homes and new homeowners move into customers’ recently sold homes. The monitoring solution also will enable the examination of current servicing customers as well as non-customer lists and alert loan servicers to possible short sales, the firm said.
As lenders adapt to a purchase-centered market, HousingWire spoke to Brian Boero, CEO of 1000watt, about opportunities to grow lenders’ effectiveness in the real estate agent and broker market.
Presented by: 1000watt
Xactus, with its mortgage verification suite, aims to close more loans quickly and enhance profitability. Its proprietary platform Xactus 360 delivers credit reporting, verifications and settlement services and is integrated with Fannie Mae, Freddie Mac and credit bureaus, according to its website. Xactus has more than 6,500 clients, including banks and non-bank mortgage originators, and 12 service centers across the country.