Reggora released a new AI solution for appraisal review, the company announced in a press release.
Reggora Appraisal Review is a new software that analyzes appraisal reports to identify key data points, inconsistencies, and potential red flags.
The product can detect bias in reports more accurately than lexicon-based tools, removing objectivity concerns for underwriters, company leaders say.
“[C]onsider a report that mentions a property located in the city of ‘Race Point Beach.’ While the term “Race” would trigger a keyword-based bias detection tool, Reggora’s AI-powered algorithm can discern the context and understand that it is simply the name of the city,” they said.
Reggora Appraisal Review also reduces repurchase risk by giving lenders the opportunity to customize rule sets and quality control checks. Industry regulations, as well as internal policies, can be set to ensure that repurchase demands remains low.
The product features a user-friendly interface that integrates with existing loan origination systems. It is scalable and accompanies Reggora’s existing suite of integrations with popular third-party review tools.
“Reggora Appraisal Review represents a significant step forward in the mortgage industry,” said Brian Zitin, CEO of Reggora. “We are committed to empowering mortgage professionals with cutting-edge technology that drives efficiency, reduces risk, and ultimately allows them to originate loans much faster.”
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.
Earlier this year, Reggora updated its order management platform to embed borrower’s appraisal information into a lender’s POS system, allowing lenders to collect payments, show appraisal status, and schedule inspections.