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Xome Holdings, a provider of real estate services, launched Inspex, a do-it-yourself home inspection and valuation process mobile application. Inspex will allow lenders to provide borrowers with an easy-to-use, contactless options that reduces wait times on appraisals and other valuation products.
As the COVID-19 pandemic still continues to plague the U.S., the demand for contactless options has risen, prompting Xome Holdings to create Inspex. The company also states that it will lower the cost of property valuations and eliminate the need to schedule an appointment with an appraiser, according to a press release.
Mike Rawls, CEO of Xome, said, "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."
Inspex 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, according to the report. The app also features safeguards to help protect the integrity of each appraisal and reduce the risk of fraud.
Xome is a core brand of Mr. Cooper, one of the largest home loan servicers in the country focused on delivering a variety of servicing and lending products, services and technologies and Manor is a Virginia-based digital home records technology startup.