Lenders can reduce costs per loan by up to $258 per file using the Reggora appraisal management platform
As more and more aspects of the mortgage process venture into the online realm, valuation remains a bottleneck that regularly results in significant delays and lost profit. With so many costs and delays attributed to inefficient appraisals, the opportunity online appraisal presents is enormous, leaving no room for lenders to abandon fintech solutions that focus on this critical part of the process.
Reggora tackles the challenges of modern assessments with its industry-leading Reggora assessment 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 several issues in the appraisal operation of a lender:
- Long cycle times
- Operational efficiency
- Leakage of revenue
- Lack of visibility for loan officers and borrowers
With the number of professional appraisers continuing to decline, having the right appraisal technology solutions is essential for sustained growth and ensuring that appraisal does not slow down the rest of the mortgage journey. According to STRATMOR research, 1 in 8 closings are delayed due to valuation, and valuation issues are cited in nearly 6% of cases when the borrower waives a loan. And those numbers add up when it comes to lost profit.
By automating the manual components of the process and providing a single source of truth to loan officers and stakeholders, Reggora’s appraisal management platform increases the overall efficiency and value of each loan file, minimizing risk. loss of profit.
Reggora’s platform stands out from existing products as an innovative solution that actively invests in solving the problems of the assessment process. Reggora’s platform simplifies technology adoption by integrating with a lender’s existing LOS through its open APIs.
The cost savings and automation of the Reggora Appraisal Management Platform add up to $286 in value per loan for lenders across several value factors:
- Reduced time in manual assessment management billing activities
- Eliminate revenue leakage from payment collection
- Reduction of cycle times
- Increase referrals through a better borrower experience
In short, Reggora offers a cost-effective solution for lenders, regardless of their lending volume. Through automation, such as instant file upload to GSEs, appraisal quality control, and appraisal payment processing, lenders can increase the speed and accuracy of appraisal order management at large scale.
While it’s impossible to know the future of real estate fintech, Reggora professionals are continually striving to improve speed and accuracy, reduce costs, and improve customer experience.
As the world races towards automation in nearly every industry, Reggora aims to remain a leader in mortgage technology. Committed to delivering state-of-the-art valuation solutions, the company plans to execute process modernization with agility and meet the changing needs of its customers with innovative fintech products that keep pace with an evolving market. constant evolution.