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Eye on the Industry: New Tech From a360inc, Xome, and Vendorly

a360inc, provider of technology and outsourcing services in the real estate industry, announced the official release of iClearTitle, a new web-based invoice management software platform. iClearTitle is an advanced invoice management solution that simplifies and expedites the management and processing of high invoice volumes for title underwriters, agencies, and service providers—reducing processing time and related expenses.

“We are excited to announce the expansion of the iClear invoice management capabilities to the title industry. Our original product, iClearDefault, has been utilized by the nation’s top mortgage servicers as the standard in managing their invoice processing operations for decades,” said a360inc CEO Scott Brinkley. “With iClearTitle, we’ve expanded that value proposition—experience and knowledge—to the title industry and built a product that will transform the way title providers manage vendor invoice presentment, approval and payment.”

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Xome Holdings LLC (Xome), an end-to-end provider of real estate services, introduced Inspex by Xome, a do-it-yourself home inspection and valuation process mobile application, empowering lenders to provide borrowers with a simple, contactless option that reduces wait times on appraisals and other valuation products by as much as 50%. The new application 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. Inspex guides eligible homeowners through the step-by-step process of quickly taking exterior and interior photos and videos of their home in less than 20 minutes.  As a result, overburdened appraisers can spend time where it’s really needed–handling more complex valuations. This DIY approach generates results three days sooner than the standard five-to-seven-day appraisal.

The application is integrated into an entire valuation cascade of products. Not all properties and loan types are right for a consumer-aided inspection, a spokesperson said, so Inspex uses an eligibility screening process to help lenders and appraisers determine when and where Inspex can be used as part of the valuation process.

“Clients have been asking for less invasive processes to offer their customers, so last year we began working to develop solutions that are fast, easy and convenient,” said Mike Rawls, CEO of Xome. “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.”

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Vendorly, a SaaS-based vendor-oversight platform for financial institutions, announced it signed a reseller agreement with risk management company Secure Insight to help protect Vendorly clients against wire fraud, a key risk to the lending and banking industries. This alliance furthers Vendorly’s offering of a cradle-to-grave solution for the lending and banking industries that helps mitigate ongoing risks associated with vendor management. The Vendorly platform is a third-party risk management solution designed to help streamline vendor due diligence, maintain vendor documentation, and maintain, monitor and audit vendors. Vendorly has provided oversight of over 60,000 vendors in the lending and banking industries. Because a one-size-fits-all approach to recurring due diligence questionnaires is not always applicable, Vendorly offers customized levels of questionnaires and research specific to nearly every vendor type in the lending and banking industries. Vendorly provides the tools and expertise its clients need to help efficiently manage their TPRM obligations. Now, by working with Secure Insight, Vendorly also helps safeguard against wire fraud.

“Aligning with Secure Insight creates a single source of truth on closing agent wire details at the transactional level and complements Vendorly’s broader vendor management oversight offerings,” said Steve Greenfield, CMB, Vendorly’s Director of Operations. “Bringing the two solutions together strengthens Vendorly’s value proposition and helps its clients better manage vendor risk in a single platform.”

“We are excited about our new reseller relationship with Vendorly as it continues our efforts to make our high-quality closing agent risk data available to lenders in different formats and through various technology integrations,” said Andrew Liput, President and CEO of Secure Insight. “Vendorly has a highly regarded solution addressing all types of vendor risk, and we are honored that they recognized the value of adding our data reports to their platform.”

About Author: Christina Hughes Babb

Christina Hughes Babb is a reporter for DS News and MReport. A graduate of Southern Methodist University, she has been a reporter, editor, and publisher in the Dallas area for more than 15 years. During her 10 years at Advocate Media/Dallas Magazine, she published thousands of articles covering local politics, real estate, development, crime, the arts, entertainment, and human interest, among other topics. She has won two national Mayborn School of Journalism Ten Spurs awards for nonfiction, and has penned pieces for Texas Monthly, Salon.com, Dallas Observer, Edible, and the Dallas Morning news, among others.
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