Reggora recently announced its partnership with Loan Originator Networks (LON), a trade promotion optimization (TPO) portal solution for mortgage lenders.
The integrated partners ensure each appraisal ordered by a mortgage lender’s third-party broker or non-delegated correspondent is requested in a manner compliant with each agency’s updated appraiser independence requirements.
LON supports both agency and non-agency TPO aggregators, making it simple for a TPO aggregator to originate loans through a network of wholesale brokers. When the agencies issued a significant update to their appraiser independence requirements in August 2023, LON’s then appraisal management system partners were slow to adapt to these requirements to ensure their mortgage lender customers remained compliant, a press release stated.
Reggora automatically ensures compliance with agency regulations through appraisal order allocation methodologies. This includes Reggora’s appraisal marketplace. The solution’s allocation algorithm uses real-time, marketwide data to automatically allocate an individual order to the vendor most likely to provide the best performance on that order. Performance metrics include turn time, quality, and fee escalation rates.
In addition, Reggora improves both the broker and borrower experience by automating the slow, manual tasks brokers and operations staff had to perform when completing appraisals from the wholesale channel. Reggora’s communication with the borrower is all done in the lender’s branding. It automatically collects payment, notifies the broker when the appraisal’s status changes, and more.
“We’re excited about our partnership with LON,” Reggora CEO Brian Zitin said in the release. “They make it simple for a mortgage lender to generate wholesale business, and we turn that lender’s appraisal process into something completely differentiated from the competition.”
“Partnering with a modern appraisal management system is a significant improvement for us and our customers,” Michael Baker, head of product development and distribution at LON, said. “They’re constantly ahead of the curve when it comes to ever-changing industry regulations, which means we never have to wait for a partner to update their platform to make sure our customers are compliant.”