Video: Introducing Streamlined Appraisal
The full transcription of the video is as follows:
Introducing Reggora's 24-Hour Appraisal
(0:05) On the quest for a fast, digital mortgage, the appraisal has always been the bottleneck due to complex logistics and a declining appraiser population, leading to multi-week turn times, especially during busy markets. Not only does this slow down transactions, it also creates a lot of anxiety for borrowers during this uncertain part of the mortgage process, waiting for the appraisal value to come back.
(0:16) Fannie Mae and Freddie Mac have added new types of appraisal products to help with this, such as things called appraisal waivers, but they've also introduced newer products such as hybrid appraisals. This is where a real estate professional, who's not the appraiser, goes to the property, facilitates the inspection, and then sends that data to the appraiser who completes the appraisal report at their desktop.
(0:51) Hybrid eligibles today are eligible on over 80 to 90% of all conventional transactions. But people don't even realize nor are they even taking advantage of this because the same logistical issues exist with hybrids today. And so the turn times and the cost are comparable to a traditional appraisal.
(1:15) Reggora has perfected a new workflow with hybrid appraisals, which we're calling Streamlined Appraisal. This will allow for 24-hour turnaround times on over 80-90% of these conventional transactions.
(1:25) On a normal appraisal, because of the TRID laws impacting the ability to collect an appraisal fee, people typically order them at Intent to Proceed. This then kicks off this process of finding an appraiser, having to get the inspection scheduled, completing the inspection, and then completing the report. With our Streamlined Appraisal, we send an approved property data collector to the property much earlier in the mortgage application process. We gather what Fannie and Freddie call the Uniform Property Data Set. We don't charge the consumer or lender anything for this data collection, even if they fall out of the transaction. Then, when Intent to Proceed finally rolls around, we already have all the inspection data ready to go. We send it to the appraiser, who completes the desktop appraisal portion of the Streamlined Hybrid Appraisal Report. This is great because if the loan is PDC or PDR eligible, we've already collected the data, it's already done. If the loan is desktop or hybrid eligible, we already have this inspection data and we just send it to the appraiser who turns it around in 24 hours.
(2:11) So this process allows us to significantly improve the turnaround times on the majority of all conventional loans. Imagine the appraisal never being a bottleneck again on a mortgage transaction, with the borrower getting certainty much sooner in the transaction.
(2:22) It's the best of all worlds: Appraisers get to focus on what they do best, which is analysis, and the lender and borrowers get a high-quality appraisal with speed at no extra cost. The future of evaluation is here today and we're extremely excited to be leading it with our new Streamlined Appraisal.
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