As more aspects of the mortgage process venture into the online realm, appraisal remains a bottleneck that regularly causes significant delays and loss in profit. With so many costs and slowdowns being attributed to inefficient appraisals, the opportunity that online appraisal presents is enormous, leaving no room for lenders to forsake fintech solutions that focus on this pivotal part of the process.
Reggora is facing the issues surrounding modern appraisals head-on with its industry-leading Reggora Appraisal Management Platform. With the help of the company’s innovative appraisal platform, lenders can reduce costs per loan by up to $258 per file by addressing multiple pain points within a lender’s appraisal operation:
- Lengthy cycle times
- Operational efficiency
- Revenue leakage
- Lack of visibility for loan officers and borrowers
With the number of professional appraisers continuing to shrink, having the right appraisal tech solutions in place is crucial to sustained growth and ensuring the appraisal doesn’t slow the rest of the mortgage journey. According to STRATMOR research, 1 in 8 closings is delayed due to the appraisal, and issues with the appraisal are cited in nearly 6% of cases when the borrower walks away from a loan. And those numbers add up when it comes to profit loss.
By automating the manual components of the process and providing a singular source of truth for loan officers and stakeholders, Reggora’s appraisal management platform increases the overall efficiency and value of each loan file, ultimately minimizing the risk of profit loss.
Reggora’s platform stands out from legacy products as an innovative solution that actively invests in solving snags in the appraisal process. Reggora’s platform simplifies tech adoption by integrating into a lender’s existing LOS thanks to its open APIs.
The Reggora Appraisal Management Platform’s cost savings and automation amount to $286 worth of value per loan for lenders across several value drivers:
- Reducing time in appraisal manual management billing activities
- Eliminating revenue leakage from payment collection
- Driving down cycle times
- Increasing referrals through an improved borrower experience
In short, Reggora offers a cost-saving solution for lenders, no matter their loan volume. With automation such as instant file uploads to the GSEs, appraisal quality control and appraisal payment processing, lenders can increase the speed and accuracy of appraisal order management at scale.
While it’s impossible to know the future of real estate fintech, the professionals at Reggora are perpetually striving to enhance speed and accuracy, reduce cost and upgrade the customer experience.
As the world races towards automation in nearly every industry, Reggora aims to remain a leader in mortgage technology. With an inner drive to deliver state-of-the-art appraisal solutions, the company plans to execute process modernization with agility and respond to the changing needs of its customers with innovative fintech products that move in step with an ever-changing market.
