Q&A with Yvette Gilmore, SVP, Servicing Product Strategy, ServiceLink

With EXOS One Marketplace® having been on the market for a few years, what are the true advantages of implementing a tool like it in the current, complex state of mortgage servicing? Hear from the tool’s leading strategist, Yvette Gilmore, SVP, servicing product strategy at ServiceLink, who explains each of the facets of this first-of-its-kind technology that streamlines processes and justifies decisions regarding assets in this Q&A.

Q: What is EXOS One Marketplace, and how is it a beneficial tool for those in the mortgage servicing space?

A: EXOS One Marketplace is a hub for all of the default services that ServiceLink brings to market today, including title, valuation, property preservation, auction, loss analysis and asset management. It’s truly a game changer. There is nothing like it in the default ecosystem, and it really speaks to the investment in technology as well as customer experience that we bring forward.

Q: How can implementing EXOS One Marketplace be advantageous in today’s mortgage servicing environment?

A: Ideally, the servicing industry would invest in itself without emergencies like high default volume, but we just aren't there yet. Getting a client to see the need for a new technological solution, when there is not a crisis, is the biggest issue. With any technology in any space, there are threats and barriers in launching a new technology, especially in this space when defaults aren't extraordinarily high. But they are very costly. The task that we have is making sure that our clients and potential clients understand that bringing technology like EXOS One Marketplace into their workflow will save them more money and justify any costs associated with bringing the technology on board.

Q: How would a servicer use EXOS One Marketplace in their day-to-day to be able to protect themselves from risk and potential loss while managing an asset?

A: Simply put, it is a technology that allows servicers to understand the output of today's actions on tomorrow's outcomes. Servicers have to manage very complex processes in order to see through a piece of collateral through a default cycle. As one example: There is risk of taking an action that isn't on the right timeline, and that can lead to large losses or exposure after the collateral is disposed of.

EXOS One Marketplace allows users to see every step in that process, and what the ultimate losses could be based on today's actions. That's very important because, without a solution like EXOS One Marketplace, those losses are not always visible until you're already suffering the loss --- and it's too late to address.

Q: How does EXOS One Marketplace provide transparency of the assets at the portfolio-level?

A: The tool keeps an eye on the assets in their portfolios by having low-level detail of all of the decisions that have already been made to effectuate the disposition of the asset. It’s a repository of actions and a loss analysis tool that better informs the decision relative to the disposition.

EXOS One Marketplace gives you a level of clarity versus having to look at several different systems. It puts everything into one view --- making the job infinitely easier.

Q: How does EXOS One Marketplace help investors?

A: Investors are in a unique position because they bear the loss. Without a system like EXOS One Marketplace, an investor doesn’t know what the risk exposure is until they get a bill. And at that point, you can't affect change. It’s a common scenario: You get reports that indicate cost, but you don't necessarily know why you don't have the clarity and visibility that you need. And if you do have the information, it's on a by-loan basis.

EXOS One Marketplace allows you to take the entirety of an investor portfolio and see where you might be leaking money before you're presented with a bill. As a result, you can more effectively manage your conversations with a servicer who's supposed to be managing your assets on a loan-by-loan basis before you have a loss or an exposure.  

Q: How does ServiceLink continue to keep EXOS One Marketplace updated with ever-changing regulatory guidelines?

A: If you look at today's environment, each one of the regulatory agencies are changing their requirements at the same time. We ensure that new guidelines are accounted for within the platform. We make sure that, as clients are utilizing the systems, if they have a business change or a need, that we’re able to meet them where they are and bring those changes into the system. It’s important to have a provider that is always ready for change. 

Q: What are the benefits of partnership with a service provider that also provides innovative tech offerings?

A: Simply put: you’ll be able to manage your business better. The servicing industry is always changing, so you can't afford to have a partner who can't change with you. Change is constant. Otherwise, you're going to find yourself having to do manual processes that may make your costs exorbitantly higher than they need to be.

 To learn more about how EXOS One Marketplace can help you justify your asset decisions, provide clarity on each loan in a portfolio and save costs, visit servicelink.com/servicers/one-marketplace.

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