How Reggora Uses Custom Automation Rules to Speed up Lender Workflows

With mortgage origination volume over $4 trillion last year, ordering the right appraisal product with the right vendor at the right time - every time - is more important than ever. Any mismatch can have a significant impact on compliance, time to close, and overall borrower experience. With this in mind, Reggora has developed industry-leading tools to increase both accuracy and speed in the appraisal process, minimizing possibilities for human error and ensuring compliance. 

Recognizing that each lender operates differently, Reggora builds software with high levels of customization able to fit any unique workflow or operating procedure. From custom order requirement settings to geographic constraints, Reggora helps lenders minimize the chance for human error and remove time consuming manual processes. 

Smart products for appraisal management

Reggora allows lenders to develop and customize appraisal products to fit the unique situations and needs of their customers, removing ambiguity or extra communication required when handling a unique property or location. Customizable products in Reggora give lenders the ability to create specific products for properties in certain geographical areas and set custom pricing and vendor requirements. Accommodate appraisal inspection relief criteria on a product level (i.e. desktop 1004; drive-by 1025) or automatically route all 2-4 unit appraisals to a specific panel of appraisers to enable clear communication and refined appraiser matching. Gone are the days of time consuming back-and-forth between an appraisal desk and their appraisal vendor trying to figure out pricing in a certain area and the appraiser’s technical ability to carry out that appraisal. The same goes for Federal Housing Authority (FHA) appraisals. Reggora gives lenders the confidence that FHA orders will be assigned to an actively certified FHA appraiser every time.

Reggora further ensures accurate and compliant appraisal ordering and reduces the chance of human error by limiting product choices based on the characteristics of the loan file. Through integrations with major loan origination software (LOS), as well as other proprietary lender software applications, the Reggora platform reads the borrower’s loan file and limits the appraisal products available for selection based on the loan file characteristics. This feature minimizes the risk of human error during the ordering process and enables the order to move forward as quickly as possible without time lost to incorrect product selection.

Custom order requirements

Reggora’s contribution to accurate appraisal orders goes beyond order initiation. With current order volume, it’s easy to overlook a missing FHA case number or whether or not a borrower has given intent to proceed. However, with Reggora’s order requirements customization, lenders can set parameters that validate LOS fields to ensure only complete orders proceed to appraisal vendor assignment. Those missing an FHA case number or intent to proceed get flagged for review before assignment. Sure to please managers and compliance teams, Reggora’s order requirements settings once again optimize the appraisal management workflow.

Keep control of your entire appraisal pipeline

Reggora’s software gives the appraisal desk the opportunity to create customized views and filters of all their orders, helping to keep their eyes on the most critical orders and intervene before an impactful delay occurs. From orders nearing their scheduled completion date to those waiting on borrower payment, Reggora users are able to identify orders that require attention within seconds. Even with hundreds of active appraisal orders. Furthermore, users can easily communicate with the appraisal vendor or their own team directly through Reggora’s messaging tool inside each order to give updates or ask for clarifications. 

Route orders based on CU score

Upon completion, most lenders send their appraisals to an underwriter for review. Again, with today’s record order volume, it’s more important than ever to ensure the right appraisal ends up in front of the right set of eyes. Reggora’s Collateral Underwriter ® (CU) score assignment settings allow lenders to set custom appraisal review workflows based on internal quality control procedures. For example, if a lender wants appraisals with CU scores greater than 2.5 to route to their more senior underwriters, the Reggora platform facilitates it. There’s no need to wait for a lender employee to sort, filter, and forward completed appraisals to the underwriting team. Now, this can all be done automatically, optimizing team efforts and getting the loan one step closer to settlement. 

Now more than ever, speed and accuracy in the appraisal process contributes to loans closing more quickly and additional capacity for lenders. Reggora’s industry-leading appraisal workflow management software enables forward-thinking lenders to differentiate themselves from their competition through reduced turn times and an improved borrower experience, such is the case for Assurance Financial. From before an appraisal is ordered though completion and beyond, Reggora’s highly customizable settings and features give lenders a leg up in managing their appraisals both efficiently and compliantly. Click here to schedule a demo to learn more about how Reggora can save your team time.