One of the biggest—yet often overlooked—headaches in the entire appraisal process is making sure everyone gets paid. From the borrower’s perspective, the appraisal payment should be as simple as every other Square, Venmo, or Credit Card purchase that they make. From the appraisal vendor’s perspective, payments should be automated, timely, and fully trackable.
Of course, as with many aspects of the appraisal process, payment processing isn’t so simple. It’s important for lenders to stay on top of fee escalations and changes of circumstance, as mishandling or delays in appraisal payments can delay the inspection, increase turn times, and lead to frustrated borrowers. Most importantly, these types of revenue leakage can cost lenders more than $50 per loan file. And, of course, all parties expect trustworthy, easy-to-use payment transactions.
Reggora can help with all of this and more. With the Reggora platform, lenders gain complete visibility and control over appraisal payments while also delivering a seamless experience for borrowers.
Managing Payment Workflows in Reggora
Lenders using Reggora can customize their workflows and leverage a variety of different payment methods. For example, you can decide to collect payment from the borrower either upon booking the appraisal or at close. You can also easily allocate which payments are paid by the corporate budget, and which are paid on branch specific cards. Most importantly, all of the various payment options supported in Reggora can be controlled with ultra granular payment settings and customized for different branches and different user roles.
What does this look like in action? When an appraisal is completed or payment has been requested, Reggora automatically sends the borrower a payment link with their lender’s logo, enabling them to pay for their appraisal fee online with their credit/debit card. Lenders can see real time statuses within the Reggora platform and enable auto reminders to ensure the borrower submits their payment and avoid delays.
Managing Fee Disclosures
Reggora makes it easy to monitor disclosed amounts and ensure that if an appraiser requests a fee increase, the borrower is not charged more than the disclosed amount. In this case, the lender can easily redisclose the appraisal fee to the borrower, and subsequently charge the borrower the increased fee by sending a new payment link or collecting at close. Alternatively, the lender could cover the increase in payment and pay with a corporate card instead of sending the borrower additional payment links.
Paying Appraisal Vendors
Not only does Reggora offer streamlined and secure payments for borrowers and lenders, but the appraisers also receive granular accounting information and timely payouts in the form of lump sums, instead of traditional payments per-appraisal that can leave a lender vulnerable to revenue leakage.
Appraisers have noted that they receive their payments much faster when using the Reggora platform to accept and manage their appraisal orders, and are highly fond of the tools Reggora provides.
Security & Trust
Reggora leverages Stripe, a dedicated 3rd party provider, for all payment processing. Stripe is used by leading brands such as Target, Shopify, Salesforce, and DocuSign, and is certified to PCI Service Provider Level 1. This is the most stringent level of certification available in the payments industry. With Stripe and Reggora, you can rest assured that your borrowers have a seamless and secure experience.
Still interested in seeing the applicable benefits of payment processing? Check out a blog post our CEO, Brian Zitin, wrote on why lenders should collect appraisal fees up front.
If you would like to chat about how Reggora’s payment processing capabilities can save you time and more than $50 per loan file (while enhancing your borrower's experience and keeping appraisal vendors happy), reach out to schedule a demo today!
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