Mortgage lenders can manage 100% of appraisal orders inside their custom LOS, improving LO satisfaction and reducing origination costs
- Mortgage lenders reduce their cost to originate by $258 per loan file
- Users manage orders directly in their custom LOS via iFrame or custom user interface
- Modern, developer-friendly API reduces IT resources required to implement & maintain the integration
BOSTON, Sept. 20, 2022 /PRNewswire/ — Reggoraan appraisal management software company that is modernizing residential real estate valuation for mortgage lenders, announced today that its order management software fully integrates into any mortgage lender’s custom loan origination system.
Through integration with Reggora’s open API, lenders can manage 100% 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.
Creating one efficient, repeatable process within the LOS empowers a lender’s operations team to get high-quality appraisals done significantly faster. In addition, a lender’s production staff — LO’s 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,” he said Brian Zitin, CEO and Co-founder of Reggora. “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’s modern, developer-friendly API accelerates lenders’ implementation by reducing the time and IT resources required to create and maintain the integration. All of the key Reggora platform functionality is available via secure API endpoints and includes prebuilt API wrappers to accommodate lenders’ preferred programming languages. This allows a lender’s IT team to rapidly create an integration that meets their organization’s unique workflow requirements, regardless of the nuances within the company’s technology stack.
“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 & 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.”
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.