Reggora announced the launch of its appraisal review solution, Reggora Appraisal Review. This innovative software is set to transform the appraisal analysis process for mortgage lenders by significantly reducing repurchase risk and ensuring every appraisal meets the correct quality standards, Reggora announced in a press release.
Reggora Appraisal Review leverages cutting-edge artificial intelligence (AI) and machine learning algorithms to automate and streamline the appraisal review workflow. With its advanced natural language processing capabilities, the software swiftly analyzes appraisal reports, identifies key data points, inconsistencies, and potential red flags, the company stated.
For example, the solution uses advanced AI technology to detect bias in reports far more accurately than lexicon-based tools — so underwriters remain confident in the objectivity of their appraisals, without wasting time reviewing false positives. For instance, consider 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.
“By analyzing the report's language, tone, and content comprehensively, AI ensures that lenders can swiftly identify genuine instances of bias, avoiding unnecessary scrutiny and enabling them to focus their review efforts on reports that truly require attention,” the company stated.
One of the critical features of Reggora Appraisal Review is its ability to reduce repurchase risk. By customizing rule sets and quality control checks, mortgage lenders can align their appraisal review processes with industry regulations, investor guidelines, and internal policies. This comprehensive compliance and risk mitigation capability empowers mortgage professionals to mitigate costly repurchase demands, protecting their financial stability and reputation.
Seamless integration with existing loan origination systems further enhances operational productivity. The user-friendly interface allows users to effortlessly navigate through appraisal reports, highlight critical information, and annotate directly on the documents. Comprehensive audit trails ensure transparency and facilitate collaboration between stakeholders.
“Reggora Appraisal Review represents a significant step forward in the mortgage industry,” Reggora CEO Brian Zitin said in the release. “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.”