Reggora is offering a no-cost benchmark evaluation to help lenders improve their appraisal operations and performance. Reggora’s mortgage solutions team is heavily focused on helping lenders reduce appraisal turn times and operational costs, and its complimentary evaluation provides insight to give lenders an actionable path to reduce cycle times, decrease their cost per loan and improve borrower satisfaction, according to a company release.
Additionally, lenders participating in the evaluation will learn how their operation compares with peers across the country. The evaluation will review:
- Appraisal costs
- Turn times
- AMC vs. panel operations
- Appraisal-dedicated employees
- Appraisal-revision requests
- Industry pain points
One of the most revealing statistics STRATMOR found in the study was 12.3 percent of closings are delayed because of the appraisal, and part of the delay is actually within a lender’s control.
In fact, 52 percent of appraisal-related lender time is spent on scheduling and follow-up and it takes a lender almost four business days to get an appraiser to accept an order. This presents a clear opportunity for lenders to accelerate the time it takes to complete an appraisal and ultimately reduce their operating costs. In a rising interest rate environment, every day counts when lenders are trying to secure the lowest interest rate possible for the consumer.
“Our evaluation of lender appraisal processes can uncover inefficiencies and identify ways to improve,” Amanda Hill, head of mortgage solutions at Reggora, said. “When Reggora examines the process, a lender can implement simple suggestions and begin to save time and money, almost immediately.”