Mortgage lenders can now embed the appraisal experience into their proprietary point of sale systems
- Collect payment, show appraisal status, schedule the inspection, and more — all inside the point of sale system
- Modern, developer-friendly API reduces IT resources required to implement and maintain the integration
Boston, January 11, 2023 – Reggora, an appraisal management software company that is modernizing residential real estate valuation for mortgage lenders, announced today that its order management platform can embed the borrower’s appraisal experience into a lender’s custom point of sale (POS) system.
Reggora improves the borrower’s experience by resolving some of the most common issues that arise during the appraisal. This includes paying for the appraisal, scheduling the inspection, seeing the status, and more. Now, using Reggora’s open API, lenders can bring all of these improvements directly into their proprietary POS.
“The appraisal is an important part of securing a mortgage loan, and seamlessly connecting every part of the borrower's experience is essential,” said Jim Black, twenty-year mortgage origination veteran, former strategic advisor at InstaMortgage, and executive director of lender strategy at Calque, Inc. “If the borrower is informed and comfortable throughout every step of the process, it will improve their customer satisfaction. The mortgage process can be stressful, but lenders who use digital tools to ensure appraisers, borrowers, and all stakeholders are on the same page can help alleviate some of that stress.”
The integration from Reggora doesn’t just improve the origination process for borrowers; it solves a number of longstanding challenges for mortgage lenders, too:
- Long cycle times: According to STRATMOR Group’s 2022 Appraisal Performance Study, it takes an average of 3.68 calendar days for borrowers to schedule their property inspection with an appraiser. The time is spent going back and forth via emails, texts, and phone calls. By allowing the borrower to simply select an open time slot on the appraiser’s calendar inside the POS, lenders are able to shorten that time by as much as two calendar days.
- Borrower fallout: Higher interest rates have resulted in lenders competing for a smaller group of borrowers. Traditional payment collection methods, like phone calls from a processor or a mysterious link from an AMC, can take days to complete. By making it simple for borrowers to pay for the appraisal upfront, in the same system they completed the application, lenders are able to collect payment within four hours and take that borrower off the market much faster.
- Lost revenue from appraisal fees: By conveniently collecting payment up front, lenders are also able to eliminate the revenue leakage from appraisal fees. In transactions where the deal falls through, or the borrower walks away, lenders are no longer stuck paying for the appraisal directly.
“The appraisal is a critical part of the loan process, but, despite all the progress towards a digital mortgage, the appraisal is still done entirely offline,” said Will Denslow, Co-Founder and CTO of Reggora. “There’s a tremendous opportunity for lenders to differentiate by fixing the appraisal experience, and this integration makes it simple for them to do that.”
Reggora’s modern, developer-friendly API accelerates lenders’ implementation by reducing the time and IT resources required to create and maintain the integration. All of the key Reggora platform functionality is available via secure API endpoints and includes prebuilt API wrappers to accommodate lenders’ preferred programming languages. This allows a lender’s IT team to rapidly create an integration that meets their organization’s unique requirements, regardless of the nuances within the company’s technology stack.
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.