Reggora recently announced that its order management software fully integrates into any mortgage lender’s custom loan origination system. Through integration with Reggora’s open API, the company said lenders can manage 100 percent of their appraisal orders directly within their proprietary loan origination system.
Reggora’s appraisal management system embeds directly into a lender’s custom LOS by iFrame or by developing a custom user interface. In either case, lender users enjoy an SSO-enabled login experience, making it simple for IT teams to provide a secure, convenient user experience to each of the teams they support, the company stated.
Creating one efficient, repeatable process within the LOS empowers a lender’s operations team to get high-quality appraisals done faster. In addition, a lender’s production staff — loan officers and processors — have 24/7 visibility into the status of their appraisal orders. This removes a longstanding point of frustration within the mortgage lending industry and makes it easy for producers to keep their borrowers, real estate agents and other referral centers updated.
“Appraisals often operate within a black box for lenders and an LOS alone doesn’t completely solve costly issues that arise from the appraisal process,” Brian Zitin, CEO and co-founder of Reggora, said in the release. “With the platform’s open API, we bring all of the benefits of our appraisal order management solution directly to any custom LOS.”
By automating most of the order management process within the LOS, lenders typically reduce cycle times by two or more days and reduce the cost per loan by up to $258. These cost savings are driven primarily by a reduced cost of funds, eliminating revenue leakage from appraisal fees and credit card fees, and requiring less staff to manage appraisal operations and accounting tasks, Reggora stated.
“Lenders who have invested in a custom LOS have taken a great first step to streamlining their loan process but may be missing a crucial piece of the equation,” Amanda Hill, director of implementation and professional services at Reggora, said. “An integration with Reggora’s API seamlessly enhances a lender’s LOS to unlock the full potential of a lender’s investment in a truly digital mortgage experience.”