Providing a transparent and seamless appraisal process is key for any mortgage lender to offer a top-tier borrower experience. The appraisal can be one of the most anxiety-inducing parts of the loan experience for borrowers, as the appraised value can seriously impact a deal. For lenders looking to retain customers for repeat purchases, nailing the handling of the appraisal upfront, both internally and externally, is paramount in instilling confidence in the borrower — especially in a competitive market.
What’s holding lenders back in appraisal management?
The appraisal can add a layer of complexity that often results in perpetual communication between the appraiser, the appraisal desk, the processor, and the loan officer. Many lenders spend time logging in and out of an appraisal platform, manually logging information or uploading documents, and have minimal visibility into their appraisal pipeline from within their LOS.
Back and forth emails and phone calls, manual data entry, and a lack of visibility all slow turn times and ultimately push out closing dates. This inefficient workflow can also contribute to human error and issues in any given order, which may remain unseen until they cause the deal to come to a halt. These aspects of many lenders’ appraisal processes can lead to a subpar experience for the borrower and undue expenses.
Introducing the Encompass integration with Reggora
ICE Mortgage Technology customers can eliminate the disjointed process and manage their appraisal directly in their loan origination product thanks to the Encompass Partner Connect API integration with Reggora. This connection links our appraisal management platform with ICE Mortgage Technology’s loan origination products: Encompass and LO Connect.
This integration is key to solving many of the efficiency challenges that lenders face today. Follow along below to see all the ways Reggora helps lenders streamline their appraisal operations.
“This software has really shrunk our turn times, opened up communication and transparency, and given us a lot less surprises — which allows us to hit many more closing dates.” - Kevin Peranio, Chief Lending Officer, PRMG
See how PRMG has transformed its appraisal process utilizing Reggora’s Encompass integration in this case study.
User experience for Reggora users inside Encompass
Reggora’s integration with Encompass provides complete access to the Reggora user interface from within the services tab of Encompass and via LO Connect. As a result, users can seamlessly place appraisal orders, view the appraisal pipeline, communicate with the appraiser, and complete various actions related to the order without ever having to leave Encompass, enjoying an SSO-like experience.
“One of the best things that we've seen as it relates to efficiency is that we're able to order all of our appraisals on one platform, and we can order it through our LOS. It's a totally user-friendly, easy couple of clicks. The appraisals are ordered, and the communication is updated in our LOS, but the ability to order conventional FHA, and USDA loans all in the same portal, all in the same place through your LOS, is our biggest efficiency save.” - Jan Valencia, Systems Manager, Alpha Mortgage
Bi-directional syncing within Encompass
Reggora and Encompass communicate for automatic user syncing and data management/upload, removing manual touchpoints from the appraisal process. Documents such as the P&S agreement and completed appraisal report automatically map to and from the proper locations in Encompass and Reggora, eliminating wasted time or potential mistakes from manually dragging and dropping files. Furthermore, Encompass users are automatically synced with Reggora, ensuring the automatic addition of new hires and removal of former employees from the platform upon their departure.
Enhanced appraisal communication inside Encompass
Users can send messages, review fee escalations, accept or decline bids, request revisions from appraisers, and much more, all directly from within Encompass. Plus, each lender stakeholder has access to the relevant information within Reggora and can send messages in a private “team chat,” drastically reducing the amount of back and forth emails and phone calls regarding appraisal status updates.
“We've seen instantaneous pickup from the loan officer being able to see all through the transaction, what's going on with the appraisal, from the moment it gets ordered to the day that the appraiser accepts, to the inspection date, to when the appraiser is sending it in. So it's really reduced the amount of contact that you need to have with the processor, and then the processor with calling the appraiser.” - Jim Dell’Anno, VP and Director of Sales, North Easton Savings Bank
Learn how North Easton Savings Bank benefits from Reggora’s Encompass Integration in this customer success story.
The results of managing appraisals inside Encompass with Reggora
Reggora’s integration with Encompass provides an unparalleled level of visibility, control, and communication previously unavailable to Encompass users. This level of automation and insight results in drastic time savings and fewer errors, ultimately leading to a better borrower experience.
Fighting margin compression? Reggora improves margins for lenders by $286 per loan file. To learn more about who benefits from appraisal innovation, check out this blog post on how Reggora benefits all stakeholders for lenders or schedule a demo to see it for yourself!
Related blog posts
The Lender's Path to Accurate Appraisal Management ROI
It’s well established that the appraisal process can be a painful cost center for lenders, but that doesn't have to be the case. By solving several common appraisal-related pain points with technology, lenders are cutting costs and eliminating headaches in the process.
Credible Appraisal Management ROI Starts with a Sound Assessment of Business Challenges
Manual, outdated appraisal processes cost mortgage lenders unnecessary time and money, but this doesn’t have to be the case. The first step to eliminating these costly pains is for lenders to understand the root cause of their issues and how to solve them.