By SCOTT KIMBLER
As officials work to address racial bias in home valuations, leaders at a public policy think tank in Washington, DC, are saying recent recommendations made by a federal task force miss the mark.
The Interagency Task Force on Property Appraisal and Valuation Equity, or PAVE for short, was created in June of 2021 to tackle the problem of racial and ethnic bias in home valuations. Comprised of 13 federal agencies and offices, it is co-led by officials at the U.S. Department of Housing and Urban Development and the White House Domestic Policy Council.
In March of 2022, the PAVE Action Plan was released, and this past June the Biden-Harris administration announced a set of actions to deliver…
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…
Borrowers once again affirmed that quality of experience matters more to them in the lending process than cost. In a new survey from Reggora, an appraisal management software company, most borrowers said they care most about speed and quality in an appraisal. These were followed by communication and professionalism. The cost of the appraisal was ranked as the least important factor. Of the 1,008 respondents, 815 said they didn’t care about the appraisal cost at all when choosing a lender. They focused primarily on interest rates, followed by the borrower’s perception of the loan officer. Having a relationship with the lender or hearing about positive experiences from others were significantly more important than factors like closing costs, special loan considerations,…
