Exceleras, the creator of the DispoSolutions Real Estate Owned (REO), ValueSolutions Collateral Valuation, and ClearView Offer Management platforms, has recently added support for tiny houses, earth homes and container housing to their DispoSolutions platform.
In the years since the financial crash, we’ve been seeing the demand for tiny homes growing among multiple demographics. From people with lower incomes, to people wanting to live off the grid or travel more freely, to people who couldn’t qualify for a standard mortgage or have been foreclosed upon, to aging Boomers wanting to live near their families, the popularity of tiny homes has been booming. Unfortunately, until now, many of our home lending systems have not supported these purchases.
Exceleras has been expanding their valuation platforms with various new software functionality for the past several years in order to meet changing trends, needs, and new market segments. In years past, this functionality has been in response to the need for technology for processing REO and foreclosures. Today, systems are being added and updated in response to the focus of community-based organizations and others on rebuilding those communities which were hit hard by the housing crisis.
Amy Bergseth, Chief Operating Officer for Exceleras said in the press release: “While we don’t often see these types of properties in REO portfolios, they are becoming much more popular with younger homebuyers. Default servicers are no longer the only users of DispoSolutions. The investors, real estate companies and community-based organizations that are using our software for real estate sales and management are interested in these property types, so we added them to our platform.”
Whenever the industry can find new demographics to serve, new needs to meet, and new products to help people obtain, everyone benefits. It is certainly time for the mortgage industry to catch up with the huge demand for tiny homes. I expect to see continued expansion in this area. It’s good to see the industry becoming better at meeting the needs of borrowers where their needs are.