I am thrilled to announce our AI-powered appraisal review solution. At Reggora, we understand your need to mitigate the risk of repurchases, and the underlying challenges you face in ensuring the quality and accuracy of appraisals. Today, I am excited to introduce Reggora Appraisal Review, our latest solution designed to ensure you get fast, high-quality appraisals done for each of your loans.

The Repurchase Challenge

In 2023, repurchase demands emerged as a significant risk for mortgage lenders. The consequences of a loan file with a poorly executed appraisal can be severe, resulting in exposure to financial losses, damaged reputation, and increased regulatory scrutiny. The need to effectively manage and reduce repurchase risk by ensuring that every appraisal meets the highest quality standards has become more critical than ever.

The Solution: Reggora Appraisal Review

Reggora Appraisal Review is an all-new software solution that streamlines and automates the appraisal review process, delivering accurate, reliable, and consistent results. Leveraging artificial intelligence to assist your underwriters, the platform empowers mortgage professionals to efficiently review and analyze every appraisal report, with an unwavering focus on quality.

With Reggora Appraisal Review, an arduous end-to-end manual appraisal review becomes a thing of the past. The software harnesses the power of advanced natural language processing (NLP) capabilities, enabling rapid analysis of appraisal reports and identification of key data points, inconsistencies, and potential red flags. The result? A streamlined appraisal review workflow that significantly reduces human error, allocating underwriting resources where needed and increasing overall efficiency.

Enhanced Compliance and Risk Mitigation

By ensuring that every appraisal meets the correct quality standards, Reggora Appraisal Review helps mortgage lenders substantially reduce the risk of repurchases. The software's customizable rule sets and quality control checks align with industry standards and best practices, investor guidelines, and internal policies, providing comprehensive compliance and risk mitigation. Not only does this also eliminate a large portion of your underwriters’ administrative work, but it greatly reduces costly repurchase demands.

Using Artificial Intelligence to Accurately Detect Bias

Bias in appraisal reports poses a significant challenge for mortgage lenders during the review process. Appraisal bias can arise due to various factors, such as appraiser subjectivity, unconscious biases, or external influences. Lenders face the daunting task of manually reviewing numerous reports to identify any instances of bias, which is time-consuming and, understandably, prone to human error. Plus, the subtlety and complexity of bias make it difficult to detect using traditional approaches, potentially leading to oversight of biased reports and non-compliance with regulatory guidelines. It’s clear to us that lenders need efficient and accurate solutions - that ideally leverage advanced technologies like AI - to automate bias detection and streamline the appraisal review workflow.

Our solution is designed to do just that. It uses advanced AI technology to detect heightened risk of bias in reports far more accurately than lexicon-based tools — so underwriters remain confident in the objectivity of their appraisals, without wasting time reviewing false positives. For instance, consider a report that mentions a property located in the neighborhood  of "Race Point Beach." While the term "Race" would trigger a keyword-based bias detection tool, Reggora’s AI-powered algorithm can discern the context and understand that it is simply the name of a beach in the neighborhood. By analyzing the report's language, tone, and content comprehensively, AI ensures that lenders can swiftly identify genuine instances of bias, avoiding unnecessary scrutiny and enabling them to focus their review efforts on reports that truly require attention.

Seamless Integration and Collaboration

Built on our modern Appraisal Management Platform, Reggora Appraisal Review seamlessly integrates with your existing loan origination systems, creating a cohesive experience that enhances operational productivity. The software's user-friendly interface allows mortgage professionals to effortlessly navigate through appraisal reports, highlight critical information, and annotate directly on the documents. Furthermore, the system generates comprehensive audit trails, ensuring transparency and facilitating collaboration between stakeholders.

Faster Turn Times and Decreased Operating Costs

In mortgage, time is of the essence. Reggora Appraisal Review empowers mortgage professionals to accelerate their appraisal underwriting and review cycles, significantly reducing turnaround times. The efficiency gains achieved through automation translate into reduced operating costs, as the time and resources required to QC every report is greatly reduced. Faster appraisals mean faster loans for borrowers, too. This translates into improved customer satisfaction, as borrowers get home loans done faster, with fewer bumps along the way.

Flexibility and Customizability

We understand that every mortgage business is unique, with its own set of requirements and processes. Reggora Appraisal Review caters to this diversity, providing customizable rule sets and quality control checks that align with your specific business needs. Whether you are a small local lender, regional lender or a large national lender with multiple lines of business, our solution can be tailored to meet your specific goals and regulatory requirements, while delivering consistent results and peace of mind.

The Future of Appraisal Review

Reggora Appraisal Review represents the future of appraisal review in the mortgage industry. By harnessing the power of automation and thoughtfully leveraging AI to assist your underwriters, we are enabling mortgage professionals to dramatically reduce repurchase risk. Our commitment to innovation, quality, and customer success drives us to continually deliver new solutions like this, ensuring that your operations stay both competitive and agile.

We’d love to help you reimagine your appraisal analysis process. Our team is ready to guide you through the implementation process and help you turn your entire appraisal workflow into a competitive advantage.

To learn more about Reggora Appraisal Review and how it can transform your business, contact our team today.