Reggora Leverages Data from STRATMOR Group to Benchmark Mortgage Lenders' Appraisal Performance
- STRATMOR data reveals that 12.3% of closings are delayed because of the appraisal
- Further data reveals that 1 in 4 loans has an appraisal revision request
BOSTON , June 8, 2022 /PRNewswire/ -- Reggora, an appraisal management software company that is modernizing residential real estate valuation for mortgage lenders, is now 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 this complimentary evaluation provides valuable insight to give lenders an actionable path to reduce cycle times, decrease their cost per loan and improve borrower satisfaction. Additionally, lenders participating in the evaluation will learn how their operation compares to their 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, and more
One of the most revealing statistics that STRATMOR found in the study commissioned by Reggora was that 12.3% of closings are delayed because of the appraisal, and part of the delay is actually within a lender's control. In fact, 52% of appraisal-related lender time is spent on scheduling and follow-up and it takes a lender almost 4 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, everyday 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," said Amanda Hill, Head of Mortgage Solutions at Reggora. "When Reggora examines the process, a lender can implement simple suggestions and begin to save time and money, almost immediately."
To learn more about getting your free lender consultation and gaining actionable insights on your appraisal performance, visit: https://www.reggora.com/stratmor-appraisal-operations-benchmarking-consultation.
About STRATMOR Group
STRATMOR Group is a leading mortgage industry advisory firm that provides a range of programs and services designed to counsel lender CEOs and senior executives. STRATMOR serves more than 250 companies annually, providing strategies that increase growth and improve profitability in sales, marketing, technology, operations and mergers and acquisitions. The company leverages comprehensive, propriety data and key insights gained through extensive experience in the mortgage industry. STRATMOR is well known for its financial models and its collaboration with the Mortgage Bankers Association in the PGR: MBA and STRATMOR Peer Group Roundtables Program. Find out more about STRATMOR on its website at www.stratmorgroup.com.
About Reggora
Reggora is driving appraisal innovation with a modern, two-sided platform for mortgage lenders and appraisal vendors. Through advanced and configurable workflows, Reggora streamlines the entire appraisal process for everyone involved, while improving the overall borrower experience. Lenders and appraisers benefit from payment processing, automatic appraisal ordering, rule-based reviews, appraisal delivery, status updates, and more, creating unprecedented operational efficiency.
MEDIA CONTACT
Alyson Austin
Gaffney Austin, LLC
[email protected]
949-403-0484
SOURCE Reggora
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