Technology in mortgage servicing is imperative when managing large portfolios of assets—but unless you have a human team behind it who understands your goals and business needs, it can be a hindrance or underutilized. In this Q&A, Yvette Gilmore, SVP, servicing product strategy, and Mandy Zied, VP, servicing business implementation, EXOS One Marketplace®, explain the importance of a knowledgeable partner who can adapt with the goals of both servicers and investors, and the everchanging mortgage servicing landscape.

Q: How does ServiceLink untangle the complexities of the mortgage servicing industry?

Gilmore: The industry itself is complex.

It can be made more difficult by not having the right technologies and/or the right partners who understand your business, why you do the things that you do and how you wish to interface with them.

We are that partner at ServiceLink, and that's how we untangle those complexities.

We listen to our clients, and we seek to understand their needs and then implement solutions that address their particular concern.

We are not a “one size fits all” provider. We pride ourselves on being responsive to clients and giving them what they need to drive their business forward. Our goal is to make complex aspects easier to manage, which results in thoughtful solutions that solve their business concerns.

Q: How does EXOS One Marketplace help servicers?

Zied: EXOS One Marketplace provides solutions to servicers in various ways.

Number one, it helps them project what their losses will be for various milestones, whether it be a foreclosure, conveyance, Second Chance or REO.

It also provides them with visibility into every aspect of a loan. This helps them better decision how to disposition the asset.

Q: How can EXOS One Marketplace help investors?

Gilmore: From an investor perspective, investors know they're responsible both for profitability as well as the management of an asset through its lifecycle. They also oversee the servicers who they partner with as their vendors who enable them to do that.

Typically, in these asset management scenarios, the investor doesn't find out how well a loan has been serviced unless something huge happens and they're presented with a loss.

EXOS One Marketplace gives them visibility through the entirety of the servicing of that asset and enables them to monitor their exposures.

Additionally, in the event the investor needs to ask the servicer a question about a decision or ask a servicer to take a different direction based on the inputs they're receiving, they’re able to interface with the servicer right away instead of having to wait, resulting in a loss for the investor.

With this tool, you can engage in preventative maintenance with these loans and identify systemic risks. For example, you might be working with geographical risk to your portfolio if there is something going on in a market that you can't necessarily see unless you're looking at it day-to-day. We’re giving investors that bit of additional information to do what they do best.

Zied: EXOS One Marketplace also helps with oversight and helps servicers and subservicers identify which assets are performing and meeting investor guidelines.

For investors, the tool can even help with the acquisition of loans during the due diligence period. It gives them an opportunity to identify performing loans and identify timelines that have been met or missed. This helps them better decide which inventory they want to add to their portfolio.

Q: What are the technological advantages of partnering with ServiceLink?

Gilmore: There is nothing else like EXOS One Marketplace in the mortgage servicing ecosystem and there are a lot of providers that say the same thing.

There are many who have tried to create a technology like EXOS One Marketplace.

One of ServiceLink’s key advantages is that we have the capital and financial backing to create and maintain a tool like this one. Additionally, as a partner, having a company behind you that will stick with the technology long-term and keep investing in it will help you to meet your needs and goals.

ServiceLink does just that and the scope, the magnitude and the dedication that we put into EXOS One Marketplace is indicative of the entirety of our process.

Zied: In addition to that, access to real time data due to our connectivity within all ServiceLink’s default lines of business is key, especially when it comes to decisioning an asset.

When working with various vendors, sometimes there could be a delay in reporting or inaccuracies. EXOS One Marketplace provides a dashboard to help identify exceptions and reviews some of the data, even if they are working with another vendor.

If they’re working with us directly, we’re always monitoring the data to ensure it’s all up to date in real time and our clients can better decision their assets.

Q: What new functionality is available in EXOS One Marketplace and how does it meet servicer needs?

Zied: We refer to it as “transactional claimability.”

For the servicers filing claims, it allows them to look at an in-depth breakdown at all corporate and escrow transactions. They are then able to identify what truly is claimable and what isn't in their systems.

We know that it’s a pain point for servicers when they receive an invoice for review and approval, it may or may not include everything that's claimable.

It allows them to go into one transaction at a time and update the claimable amount, helping them to prep and file their claim. This could potentially reduce weeks in their timelines, giving them time back and ultimately reducing costs.

Q: How is EXOS One Marketplace the difference maker in mortgage servicing technology?

Gilmore: EXOS One Marketplace allows you to take the preventative measures you need to offset any potential defects and to have a paper trail of justification of why they've made one decision over another, particularly if the outcome results in the homeowner not being able to stay in the home.

These decisions can be made a lot faster and have the records to back it all up.

Zied:  It lets them take a proactive approach to ensure that they're meeting investor guidelines, too. To take that big of an inventory and then be able to identify that population of inventory where your timelines are coming up is very challenging.

They also benefit from a holistic view of past timelines that may have been missed so that they can identify any process gaps to continuously work on improving their processes as they move their inventory through the default lifecycle.

To learn more about how EXOS One Marketplace can be a game-changer for you, visit ServiceLink.com/servicers/one-marketplace and watch the video interview with Yvette and Mandy here.

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