A Comprehensive Approach to Appraisals: How All Stakeholders Benefit from Reggora
In order to deliver the best possible experience for their borrowers, lenders must operate meticulously as a single unit. The appraisal desk, operations personnel, production, IT, underwriting, and more all must work in conjunction to achieve maximum efficiency and ensure a positive customer experience. With many technology options out there catering to solve pain-points within each essential contributor’s job, it can be hard to find a platform that takes a more holistic approach to the appraisal process.
Reggora, which connects mortgage lenders to their appraisal vendors, takes a comprehensive approach to the appraisal process. With one platform, Reggora brings together the many different appraisal stakeholders to streamline the process of scheduling, ordering, sending, paying for appraisals, and much more.
Experience how your organization’s different stakeholders, vendors, and customers may benefit from Reggora by following along with Kim, Anthony, Roshan, Julie, Jordan, Sam, Taylor, Marcus, and Sasha as they optimize their workflows through Reggora and our LOS integrations.
Appraisal Desk
Kim and her team manage their own fee panel. Ordering and scheduling an appraisal can involve playing phone and email tag with appraisers, or manually completing processes in software with a narrow field of view. Reggora significantly upgrades this process by providing Kim with one place to manage her entire fee panel. Reggora automatically ensures appraiser independence requirements and tracks all appraiser licenses via asc.gov. She’ll enjoy automatic appraisal allocation based on coverage areas set by her or her appraisers, clear and compliant communication between her team and the appraiser, an Appraisal Scorecard for each appraiser, and notifications of pricing changes. Furthermore, many different stakeholders are able to access Reggora to find the information they need, letting Kim off the hook for frequent internal status updates.
Anthony works with AMCs to fulfill his orders. Lucky for him, Reggora integrates directly with AMCs and eliminates the need for him to jump between different platforms for different appraisal vendors or use a disjointed UI from within an LOS. Anthony and his AMCs will have access to all the features Kim does in a workflow designed specifically for them.
Operations
Julie used to bend over backwards to ensure each stakeholder in the mortgage department had all the information they needed to close loans on time. Since switching to Reggora, Julie’s life has been made easier by customizable permissions, rule sets, and notifications, ensuring each department and individual is provided with the information they need, on time, every time. These custom user roles, permissions, and rule sets make the sharing of relevant information and documentation instantaneous, leaving Julie and her team to spend more time on what matters, and less dealing with logistical headaches.
Production & Sales
Jordan, a loan officer, needs to be kept up-to-date in real-time as the appraisal process is underway and to be able to order appraisals with ease. With Reggora, he has complete visibility into the status of an appraisal, when borrowers have received and completed payments, pricing disclosures, and he has immediate access to orders to quickly find if they are over or undervalued. Thanks to Reggora, Jordan and his team won’t need to constantly check with the appraisal department to receive updates - the information they need (and only what they need) is made readily available on the Reggora platform, keeping him in the loop.
Underwriting
Roshan can automate the first step of his review process by leveraging Reggora’s Review Engine to flag missing and inconsistent appraisal data based on his own customizable ruleset. He enjoys appraisal reports uploaded directly into the Reggora platform, and he utilizes Reggora’s automatic PDF e-delivery system to send borrowers their appraisals. Roshan and his team can easily track when users have been sent their appraisals, ensuring that they stay up-to-date with compliance and reporting.
IT & Product
Sam keeps her platform performant and agile through consistent and reliable technology solutions. With Reggora’s modern technology, simple integration practices, and robust customer success resources, Sam can monitor and ensure performance of her loan origination system’s integration to Reggora’s platform. Reggora automatically takes in her LOS’ data from her platform and returns updates from Reggora’s end; these systems seamlessly communicate back and forth, so that loan files and any subsequent updates are kept up-to-date in real-time. Sam’s users now enjoy 21st century automation and the turn time improvements that come with it.
Borrowers
Taylor can’t wait to buy their new home. They’re a first-time homebuyer, and they didn’t know what to expect when they started the mortgage process. Once it’s time for the appraisal payment to be collected, whether before ordering or at close, Taylor will receive an email from their lender, sent by Reggora, where they’re able to easily input credit card information and submit payment. Not only does Reggora make Taylor’s payment a breeze, but we take care of processing the payment through our back-end mechanisms. We generate invoices for each order and surface payments through our own Accounting tab, where lenders can track their itemized payment receivables. Lenders enjoy modern automation that takes care of borrower payments and reduces customer friction.
Appraisal Vendors
Marcus has been an independent appraiser for 30 years, and spends most of his time traveling to properties in his area and completing inspections. He receives orders via phone and email from his personal relationships with various lenders. After creating his free account on Reggora at the request of a lender he works with, he’s been receiving faster payouts and more consistent orders. He communicates directly with lenders through Reggora’s messaging system, where both parties keep each other updated with the latest status or comments on each order.
Sasha works at an AMC, and spends much of her time allocating incoming orders to various appraisers. Through Reggora’s Open API, Sasha enjoys a smooth integration into her already existing AMC software, allowing frictionless interactions with the lenders all while maintaining familiar flows.
Through each of these examples, it becomes clear the impact that one platform can have on various different stakeholders. If anyone in this blog sounds like you or someone on your team, schedule a quick demo here to see for yourself how Reggora is saving lenders time and money.
