We sat down with Matt Woodhouse, managing director, origination valuation, to discuss cutting-edge technology, appraisal modernization, regulatory changes – and more.

Matt Woodhouse, managing director, origination valuation at ServiceLink, discusses how ServiceLink’s differentiating, borrower-centric valuation technology and services are helping lenders win in today’s market, while also helping them prepare for the future. In addition, Woodhouse touches on appraisal modernization and some upcoming regulatory changes lenders should be aware of. Read on to learn more from Woodhouse.

Q: What are three ways we help our customers stay competitive?

A: We help our customers stay competitive in all market conditions. First, through our ability to scale and partner with them. Second, through our depth of products and services that we offer. And lastly, through our customized solutions tailored to meet their needs. We know that our lenders are out there fighting for business today, and a strong valuation partner, like ServiceLink, helps them stay competitive no matter what the market throws their way. No other provider links all the mortgage loan participants together in one unique, tech-enabled ecosystem like we do. This is what we’re known for, and we’re proud to help our customers grow their business and create a top-notch borrower experience, too.  

Q: How does ServiceLink’s technology help lenders facilitate a better borrower experience?

A: We combine differentiating technology with our depth of products and services. What that combination leads to are new technologies that meet the consumer where they are today. For example, our EXOS® real-time scheduling technology allows the borrower or other approved lender contact to choose an exact date and time for their appraisal appointment and receive feedback instantaneously. Users receive the appraiser's photo, their contact information as well as the make and model of their vehicle. This provides an additional level of transparency for the borrower, helping them to better prepare for the appraisal appointment while also enhancing their satisfaction. We also recently introduced a new feature that allows users to schedule an appraisal appointment via SMS text message – another feature that helps set our clients apart in a crowded market. Our clients also appreciate that enabling the benefits of EXOS doesn’t require a heavy tech investment on their end. It’s truly a no brainer for lenders who are focused on providing a differentiating borrower experience that is built with speed, transparency and ease in mind.

Q: Lenders are focused on accelerating their turn times in today’s market. How do we achieve industry-leading turn times and support our lender client’s goals?

A: Through ServiceLink’s technology investments, we have created tools that accelerate the entire valuation process. For example, our real-time scheduling technology allows us to cut days off the appraisal cycle time – on average, a 50% reduction in appraisal delivery timeframes. EXOS eliminates the back and forth that typically occurs with the borrower reaching out to the appraiser to schedule their appraisal appointment. Additionally, we have a best-in-class collateral underwriting platform that makes sure that we get it right the first time. With ServiceLink, lenders also benefit from our approach to aggressive milestone management, proactive delay resolution and real-time reporting and tracking among other time and cost-saving benefits.

Q: The only constant in this industry is change. As the industry keeps its sights set on modernization, how is ServiceLink prepared for appraisal modernization as defined by the GSEs?

A: We’re actively supporting our customers in the appraisal modernization space. We’ve had decades of experience in hybrid valuations and we’re one of the first companies to release a bifurcated product, similar to what’s occurring today in the modernization space. We have a deep pool of agents, inspectors and appraisers that all participate in that process. In addition, we constantly work with both GSEs and keep a pulse on industry requirements and regulatory changes to make sure that our teams are prepared and that our products are constantly evolving to meet our customers’ needs.

Q: One regulatory change making headlines is the GSE’s Uniform Residential Appraisal Report (URAR) and Uniform Appraisal Dataset (UAD) 3.6 implementation. Can you explain this change and how ServiceLink is supporting lenders through it?

A: Since 2018, the GSEs have been working on the Uniform Appraisal Dataset redesign with the goal of replacing current GSE appraisal forms with a single URAR. This new report is designed to be more flexible and dynamic. It benefits both lenders and appraisers by providing a more streamlined, standardized output for all property types moving forward. This represents an exciting time for our industry, and at ServiceLink, we have the benefit of drawing from prior experience in preparing our robust appraiser panel to navigate industry transformations like UAD 3.6 – for example, the first UAD implementation in 2011, 1004MC and more. We're fortunate to be operating from a position of strength to support lenders' URAR and UAD 3.6 volume. We’ve been working closely with our panel of appraisers to ensure they receive the training and resources they need to support our lender partners through this change and are currently supporting our lender clients participating in Limited Production. Additionally, we’re ensuring lenders are positioned to win throughout the UAD 3.6 rollout by extending our highly adaptable, EXOS® platform. It is a product-centric platform, making it easily adaptable to the new URAR and UAD 3.6 assignments. We're simply adding a new product set to our already strong, existing technology -- no extensive rebuild required. We’ve invested significantly in our readiness to support lenders through this change so that it doesn’t have to be burdensome to them or distract from their core business priorities.

Learn more about ServiceLink’s valuation products and services here. Still have questions? Reach out to a member of our team here.

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