Reggora’s new Appraisal Marketplace uses an “Uber-style” algorithm to give lenders the fastest turn times, lowest revision rates, and lowest fee escalation rates available in the industry
Boston, May 8, 2023 – Reggora, an appraisal management software company that is modernizing residential real estate valuation for mortgage lenders, announced today the launch of its appraisal fulfillment solution, The Appraisal Marketplace.
Traditionally, most appraisal orders are sent to an appraiser, or an appraisal management company (AMC) who then sends it to an appraiser based on the appraiser's general location and performance. Since this rudimentary process relies on incomplete and imperfect information, it doesn’t optimize performance. For example there could be an appraiser already visiting a neighborhood for an inspection on a given day that would also be able to pick up an extra assignment in that area and get the appraisal done quickly. However, due to the fragmented approach described above, typically a lender or AMC wouldn’t know that and would assign the order to a different appraiser who can’t inspect the property until a later date. As a result, turn times, revision rates, and fee escalation rates remain lackluster — despite the industry’s best efforts to improve them.
Reggora’s new solution directly addresses this problem for mortgage lenders. The Appraisal Marketplace leverages the rich data running through the Reggora Appraisal Management Platform to provide superior appraisal performance. Using this much larger set of accurate, real-time data points to match orders with appraisers, the marketplace significantly improves performance by automatically matching each order with the appraiser that’s truly right for the job. The “Uber-style” algorithm relies on real-time evaluation of appraiser performance at given workloads, anticipated drive routes and proximity scores, due date urgency, subject property complexity scores/appraiser expertise and much more.
“Within a matter of weeks, we saw a 35% improvement in our turn times. That’s a dramatic improvement, especially in the craze of a refi wave where if we can cycle through them faster, we can bring on more & more business,” said Jim Dell’Anno, VP & Sales Director, North Easton Savings Bank.
The Appraisal Marketplace is an industry first. By using real-time data to fulfill orders intelligently, on top of a modern software platform that streamlines order management, lenders can dramatically reduce the time and expense it takes to get appraisals done.
For example, let’s say an appraiser is inspecting a property in a neighborhood of Newton Massachusetts on Tuesday for Lender ABC. A different lender, Lender XYZ, also needs an appraisal order fulfilled in Newton. The algorithm will batch these orders together for that appraiser so that she could inspect two properties in one trip instead of getting a different appraiser to also come to the neighborhood. This keeps appraisers in tight knit geographies (building their local expertise & reducing drive time) while improving turn times for lenders.
“Lenders want to provide mortgages in five days or less, but appraisals are still too slow and inconsistent to make that a reality,” said Brian Zitin, CEO and Co-founder of Reggora. “With The Appraisal Marketplace, we’ve made getting an appraisal done as simple as ordering a ride from Uber. It’s a huge step forward for lenders who want to offer a fast, convenient digital mortgage experience that will keep their borrowers and loan officers happy even in high volume markets.”
For more information, visit the Reggora website here.
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.