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…
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,…
