Reggora updated its order management platform to embed borrower’s appraisal information into a lender’s POS system, the company announced in a press release.
The update improves borrowers’ experience by resolving common issues in the appraisal process.
Lenders can collect payments, show appraisal status, and schedule inspections within their POS system. Reggora says the update reduces IT resources required to implement and maintain the integration with a developer-friendly API.
“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.”
Borrowers say they care more about speed and quality in an appraisal than the price. Ensuring the experience is stress-free and easy can boost their confidence in their lender and lead to a loyal client base.
“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,” said Jim Black, executive director of lender strategy at Calque, Inc.
With the new update, borrowers can select an open time slot on the appraiser’s calendar inside the POS, shortening scheduling time by as much as two days from an average of 3.68.
After, they can pay for the appraisal upfront in the same system they used to apply. Lenders can collect payments within four hours.
Paying upfront also saves lenders from revenue fallout when borrowers walk away from deals.