Reggora recently launched its appraisal fulfillment solution, The Appraisal Marketplace.

Traditionally, most appraisal orders are sent to an appraiser, or an AMC who then sends it to an appraiser based on the appraiser's general location and performance, Reggora explained in a press release. Since this rudimentary process relies on incomplete and imperfect information, it doesn’t optimize performance.

For example, there could be an appraiser already visiting a neighborhood for an inspection on a given day that would also be able to pick up an extra assignment in that area and get the appraisal done quickly. However, due to the fragmented approach described above, typically, a lender or AMC wouldn’t know that and would assign the order to a different appraiser who can’t inspect the property until a later date. As a result, turn times, revision rates, and fee escalation rates remain lackluster — despite the industry’s best efforts to improve them.

Reggora’s new solution directly addresses this problem for mortgage lenders by leveraging the data running through the Reggora Appraisal Management Platform to provide superior appraisal performance, the company stated.

Using this much larger set of accurate, real-time data points to match orders with appraisers, the marketplace significantly improves performance by automatically matching each order with the appraiser that’s right for the job. The “Uber-style” algorithm relies on real-time evaluation of appraiser performance at given workloads, anticipated drive routes and proximity scores, due date urgency, subject property complexity scores/appraiser expertise and much more.

“Within a matter of weeks, we saw a 35 percent improvement in our turn times. That’s a dramatic improvement, especially in the craze of a refi wave where if we can cycle through them faster, we can bring on more and more business,” Jim Dell’Anno, vice president and sales director, North Easton Savings Bank, said.

The Appraisal Marketplace uses real-time data to fulfill orders intelligently. With that and a modern software platform that streamlines order management, lenders can dramatically reduce the time and expense it takes to get appraisals done.

“Lenders want to provide mortgages in five days or less, but appraisals are still too slow and inconsistent to make that a reality,” Reggora co-founder and CEO Brian Zitin said. “With The Appraisal Marketplace, we’ve made getting an appraisal done as simple as ordering a ride from Uber. It’s a huge step forward for lenders who want to offer a fast, convenient digital mortgage experience that will keep their borrowers and loan officers happy even in high volume markets.”