One of the most common topics discussed among mortgage lenders is the topic of data and how it can be more easily accessed, analyzed, and used. With COVID-19 accelerating the real estate industry’s digital transformation, it’s becoming more and more vital for lenders to leverage data to operate more effectively and efficiently.
When looking at the entire mortgage process, the appraisal workflow is a component that, when strategically analyzed and optimized, could have a measurable impact on the buyer experience in a positive way. Appraisal reports easily include more than a thousand data points about a specific property such as square footage, finishes, and how it compares to similar properties in the same area. Even more important to lenders is the data around the appraisal logistics: turn times, payments, appraisal quality, and more. Uninhibited access to this data would allow lenders to create clear, actionable reports helping them to optimize operational efficiency.
The challenges we’re solving with appraisal data
With an abundance of data comes the challenge of identifying which data will actually make an impact. Designing reports that comprehensively visualize data to create actionable intelligence is no easy task (unless you happen to be a workbook wizard). It’s an even bigger challenge to see that data in real-time. For many of the lenders that we work with, having a dedicated analyst or team focused on appraisal workflow analysis is unrealistic. The preferred approach? Make the analysis easy for anyone on the team, with custom data points and dashboards. So if you want to know when turn times are spiking in a specific county or state, you can just look at your daily report.
The Reggora and GoodData solution for appraisal visibility
Reggora has partnered with GoodData, a leader in end-to-end analytics solutions, to empower any user on any team to create reports that will provide complete clarity into every aspect of the appraisal process.
Reggora customers can now fully explore their data using a user-friendly drag and drop interface. Break down turn times by cities, counties, or appraisers or add any number of variables you desire to identify potential bottlenecks in the process. All tables and charts can be exported into CSVs to share with stakeholders.
[A sample report created in the GoodData analytical designer, showing the number of orders by month along with average turn times.]
Once various views of the data have been created, you can drag and drop them into a dashboard. Dashboards are an excellent way to get a quick view of the data you care about most on a regular basis. You can also add interactive elements through date ranges and other filters, such as state, order status, and more. The data updates on a nightly basis, so once the dashboard is created with the data that you want, you can simply “set it and forget it.” In addition, you can have a PDF of the dashboard emailed automatically to stakeholders, a great way to be sure everyone remains in the loop regarding data insights.
[Sample dashboard that provides interactive filters at the top, a high level view of key metrics, and the ability to drill down into your data.]
The (not too distant) future of appraisal management
As excited as we are about the data visualization and custom dashboards coming out of our relationship with GoodData, we are even more excited about what is to come. Data is valuable, but data itself is not the ultimate goal. Rather, it is the beginning. Analyzing data to find the most relevant and impactful pieces of information leads to insights that help an organization take key actions to remove bottlenecks and inefficiencies, and provide visibility into issues and obstacles before they rear their head in other areas. All of this leads to faster and higher quality appraisals, making them less costly by reducing errors and mishaps before they occur.
As you read this, data analysis through GoodData and Reggora is continuing to advance. Our goal is not only to make the analysis of key data points easier and faster, but to create the power of better decision-making through automation. Imagine a scenario where the best appraiser for the job is chosen within seconds. This will be made possible through complex algorithms that will be trained on millions of appraisals as well as industry best practices. The algorithms will assess thousands of appraisers' market and product competency, past performance, and present capacity to select the best appraiser for the job.
The result? With minimal effort (and no analysis paralysis), lenders can strategically produce faster turn times, fewer errors and inefficiencies, and lower processing costs. That’s an edge that today’s competitive lenders can’t afford to ignore, and the reality is closer than you might think.
Interested in seeing how Reggora and GoodData works together? Request a demo to see the platform in action.
Related blog posts
How Lenders Can Improve Appraisals for Their LOs
Lack of visibility into the appraisal process is a common frustration for loan officers and causes retention issues for lenders. Reggora’s appraisal management automation opens up visibility into the appraisal process, helping lenders improve retention and the appraisal experience for all stakeholders. These outcomes drive a 5% increase in referral business and additional revenue of $28 per loan.
How Time Actually IS Money in Your Appraisal Operation
Traditional manual appraisal management costs lenders $87 per loan file by slowing appraisal turn times and lengthening the loan cycle. By automating parts of the appraisal ordering and management process, Reggora makes appraisal operations significantly more efficient and cost-effective.