- Reduced cost per loan by $150
- Shortened appraisal turn time by seven days
Boston, October 19, 2022 – Reggora, an appraisal management software company that is modernizing residential real estate valuation for mortgage lenders, announces outstanding business results with Assurance Financial. By automating its appraisal order management process, Assurance Financial has significantly reduced operating costs and increased borrower satisfaction.
Working with Reggora’s mortgage solutions team Assurance Financial reduced their cost per loan by $150, while also resolving the borrower’s long-standing issues with the appraisal experience — paying for the appraisal, scheduling the inspection, missing escrow deadlines and more. The average turn-time to deliver the appraisal dropped by 7 days, and borrowers rated their appraisal experience an average of 4.3 out of 5 stars.
“Many operations managers may resist the need for digitizing the appraisal process if internal teams are effective,” said Katherine Campbell, chief digital officer at Assurance Financial. “They may think, ‘There is no issue, so if it’s not broken, don’t fix it.’ However, this is the bridge that we lenders need to all cross. Regardless of how effective your team is, rote behavior should be replaced by technology. It raises the quality of the employees' work, which often creates more satisfaction.”
Right now, mortgage interest rates are rising and every day counts when lenders are trying to secure the lowest interest rate possible for their borrowers. Assurance Financial determined that this is the perfect time to implement appraisal management technology to improve operations, reduce cost and increase consumer confidence.
“A fast, convenient digital mortgage is a key part of providing a great borrower experience and our aim is to support that through eliminating pain points in the appraisal process,” said Brian Zitin, CEO and Co-founder of Reggora. “And what’s better for the borrower is also better for the lender. We can improve margins on each loan by eliminating unnecessary costs in a lender’s appraisal operation.”
To learn more about the success that Assurance Financial achieved with Reggora, visit https://www.reggora.com/case-studies/assurance-financial.
About Assurance Financial
Assurance Financial is an independent, full-service residential mortgage banker that operates 23 branches across 44 states. Since its founding 20+ years ago, Assurance Financial has aimed to stay on the cutting edge of mortgage technology. Its commitment to investing in technology-focused solutions enables Assurance Financial to provide its customers with a digital mortgage experience that is smooth, transparent, and efficient.
Reggora is driving appraisal innovation with a modern, two-sided platform for mortgage lenders and appraisal vendors. Through advanced and configurable workflows, Reggora streamlines the entire appraisal process for everyone involved, while improving the overall borrower experience. Lenders and appraisers benefit from payment processing, automatic appraisal ordering, rule-based reviews, appraisal delivery, status updates, and more, creating unprecedented operational efficiency.