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The Reggora Platform


INTRODUCING THE APPRAISAL MARKETPLACE



At Reggora, we believe lenders will truly meet consumer expectations only when a
borrower can get a home loan in a few days.

The industry has made remarkable strides the past few years. Point of sale
systems make it easier than ever to apply for a loan, closing solutions allow
borrowers to eSign most of their documents, and much more. Getting an appraisal
done, however, remains slow, inconsistent, and disrupts far too many of your
deals.

So as we work to completely remake the appraisal process, it’s essential that we
reimagine how you actually get appraisals fulfilled.

That’s why we’re announcing The Appraisal Marketplace.

Built on our Appraisal Management Software Platform, the all-new marketplace
allows lenders to fulfill appraisal orders directly from the platform — without
relying on an AMC or managing a fee panel.

Even better, by leveraging the data running through our platform, the
marketplace’s “Uber-style” allocation algorithm matches every order with the
appraiser that’s truly right for the job. This superior allocation method
provides lenders with the fastest turn times, lowest revision rates, and lowest
fee escalation rates in the industry. Seriously. Book a complimentary appraisal
vendor performance consultation and we’ll show you how it performs in comparison
to the results you’re getting today.

> “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.”
> 
> Jim Dell’Anno
> VP & Sales Director, North Easton Savings Bank


REGGORA’S APPROACH TO APPRAISALS

Despite the industry’s desire to provide a “digital mortgage” or, more simply,
to provide mortgages in less than five days, there has been little to no change
to the way appraisals are done. That’s obviously a problem. Lenders often
describe the appraisal as the “long pole in the tent” and, when demand surges
like it did during the pandemic, this part of the origination process becomes
almost unbearable. Turn times routinely went over 30 days, and that’s with the
GSE’s providing appraisal waivers on almost half of their volume (46%, to be
precise).



And slow appraisals is just one problem. Low quality reports make the process
even slower because you have to wait for revisions to get done. And you have to
staff enough of the right underwriters to perform quality control on every
report, which is another slow, manual and often paper-based process. That
quickly gets expensive, is still error-prone, and it isn’t the only way
appraisals hurt your bottom line. 

Revenue leakage from appraisal fees can quickly add up. Between the borrowers
who walk away, or go with another lender, when the lender has already ordered an
appraisal, and fee escalations that don’t qualify for a change of circumstance,
lenders routinely lose hundreds of thousands of dollars in uncollected fees.
Some lenders even pay the credit card processing fee, making their losses even
worse. 

These problems persist because the way we get appraisals done hasn’t changed for
the better in, well, decades.

Today, most appraisal orders are sent to an appraiser, or an AMC who then sends
it to an appraiser, based on the appraiser's general location and performance,
one at a time. This rudimentary process relies on incomplete and imperfect
information. For example, one lender wouldn’t know when allocating an order that
an appraiser may have seven other outstanding orders with another lender
already. Nor do they know where an appraiser is traveling to over the course of
the next week. As a result, the overall logistics of appraisal fulfillment are
impaired and turn times, revision rates and fee escalation rates remain
lackluster — despite the industry’s best efforts to improve them.

Reggora is in a unique position to solve this problem.

We can achieve superior appraisal performance because of the incredibly rich
data running through Reggora today. 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. Our “Uber-style” algorithm uses an
appraiser’s proximity to the order, their proximity to an order that already
exists, how many orders they’re currently working on, each order’s due date, and
much more. 

Specifically, our algorithm uses four key groups of data points to select the
right appraiser:

 * Smart Capacity: Number of orders an appraiser can handle before their
   performance suffers.
   
 * Outstanding Orders: Current orders & the distance between those properties &
   the subject property. Accounts for the appraiser already being in the area
   for other property inspections.
   
 * Distance from Appraiser Address: Distance between the appraiser & the subject
   property. This is the actual driving distance to account for the route to get
   there.‍
 * Quality: Combines revision rate & UCDP score to ensure that the most
   competent appraisers are assigned.



What does this look like in practice? 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 to get an appraisal done in Newton. The
algorithm will batch these orders together for that appraiser so that he could
inspect two properties in one go instead of getting another appraiser to come to
the neighborhood. This keeps appraisers in tight knit geographies (building
their local expertise & reducing drive time) while improving turn times for
lenders

When you just compare the traditional way orders are allocated with our
algorithm’s approach, you can clearly see the difference. Lenders only utilize
their own individual data which leads to a tremendous amount of wasted time
spent driving. Why send someone all the way across town when there’s already an
appraiser a mile away? The results get even better when the appraiser close by
has a higher quality score, and isn’t currently working on another order.

When you look at the data, quality becomes just as obvious. Most appraisers
start to rush when they have too many orders and, naturally, quality starts to
suffer.



I could go on, but you get the point. By more intelligently allocating orders,
we’re able to significantly reduce appraisal turn time, revision rates & fee
escalation rates. That means healthier margins, a better experience for
borrowers and realtors, and of course — happy Loan Officers.

And data-driven allocation isn’t the only reason we’re able to deliver better
performance. Because the marketplace is built on our appraisal management
platform, and that’s already integrated with your technology stack (LOS, POS,
etc), we’re able to solve problems that traditional approaches cannot. For
example:

 * Borrowers can instantly schedule inspections from your POS. Instead of going
   back and forth with an appraiser via email/phone, borrowers simply select an
   open time slot and the system will do the rest. No more phone tag. We’ve seen
   this simple change shorten turn time by multiple days.
   
   
 * The correct fee is automatically disclosed upfront due to our native
   integration with LOS’s and low fee escalation rate.
   
   
 * Basic errors in the report are eliminated by automatically checking it
   against loan file data in the LOS. There’s a surprising amount of basic
   errors (borrower name, property address, etc) in appraisal reports. Instead
   of allowing those reports to get sent back to the lender with errors, which
   are manually reviewed by underwriters, then sent back to the appraiser for
   revisions — we automatically check the report against loan file data in your
   LOS. That way basic errors get fixed and you don’t have to do anything.

By combining appraisal management software with fulfillment in this way, we’re
finally able to bring the appraisal up to speed with the rest of the origination
process. And, the truth is, we started testing the marketplace’s performance
during the pandemic when volume was through the roof. So we’re not just
confident that it will improve your operations now, we know you’ll be prepared
when volume picks back up and appraisals get incredibly slow again.

> “After using The Appraisal Marketplace for a few months, I am very pleased
> with the ease of the platform and i’m confident it’s able to find us an
> appraiser [on all of our orders]. We have the option to use another AMC in
> Reggora, but at this time we don’t see a need because the marketplace has been
> a great fit.”
> 
> Jennifer Pelletier
> Processing Manager, Assurance Financial


THE NEXT STEP TOWARDS FIVE DAY MORTGAGES

At Reggora, we’re committed to making two-day appraisal turn times a reality.
The Appraisal Marketplace is the next step and we couldn’t be more excited to
get it into your hands.

Reach out to our team for a complimentary vendor performance consultation and
we’ll show you just how much better your appraisals can be.

May 8, 2023


WRITTEN BY

Brian Zitin

Chief Executive Officer

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RELATED BLOG POSTS

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The Reggora Platform


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.

The Reggora Platform

December 12, 2022



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.

The Reggora Platform

October 31, 2022


REIMAGINE YOUR APPRAISAL ORDER MANAGEMENT

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