Xome, a subsidiary of Mr. Cooper Group Inc. that is focused on asset management, property disposition and field services, is rolling out the Xome Xpert Seller Program, which provides options for borrowers affected by the pandemic and unable to reinstate their mortgage.
Through this program, servicers can connect their borrowers with real estate professionals and guide them through the marketing and sales process of their home, leveraging Xome’s auction platform. Additionally, the program offers homeowners the opportunity to take advantage of cost savings while ensuring a smooth transition throughout the process.
As forbearance periods expire and servicers prepare for the impact of defaulted loans, Xpert Seller gives servicers a way to help homeowners and provide the necessary resources, including access to Xome’s online auction marketplace, to navigate the process of selling their home.
“For homeowners coming to the end of their forbearance plan who know they won’t be able to make payments, we want them to know that they have options and that they can control what comes next,” says Mike Rawls, CEO of Xome. “We’ve made it our job to work with servicers to provide homeowners with alternative solutions, to offer them the opportunity to sell their home and hopefully retain their equity.”
While Xpert Seller benefits homeowners who choose to participate, it also benefits buyers, mortgage servicers, real estate agents and communities. For buyers, the program increases housing supply where there has been a shortage in the marketplace while enabling mortgage servicers to more effectively and proactively manage credit loss. Pre-foreclosure sales also benefit neighborhoods by limiting the number of vacant properties, which can bring down surrounding home values.