Reggora recently automated its appraisal order management process with Assurance Financial. The automation significantly reduced operating costs and increased borrower satisfaction, according to a press release.
Working with Reggora's mortgage solutions team, Assurance Financial reduced its cost per loan by $150, while also resolving the borrower's long-standing issues with the appraisal experience — paying for the appraisal, scheduling the inspection, missing escrow deadlines and more, the release stated.
The average turn-time to deliver the appraisal dropped by seven days, and borrowers rated their appraisal experience an average of 4.3 out of 5 stars.
“Many operations managers may resist the need for digitizing the appraisal process if internal teams are effective,” Katherine Campbell, chief digital officer at Assurance Financial, said in the release. “They may think, ‘There is no issue, so if it’s not broken, don’t fix it.’ However, this is the bridge that we lenders need to all cross. Regardless of how effective your team is, rote behavior should be replaced by technology. It raises the quality of the employees’ work, which often creates more satisfaction.”
“A fast, convenient digital mortgage is a key part of providing a great borrower experience and our aim is to support that through eliminating pain points in the appraisal process,” Brian Zitin, CEO and co-founder of Reggora, said. “And what’s better for the borrower is also better for the lender. We can improve margins on each loan by eliminating unnecessary costs in a lender’s appraisal operation.”