Appraisal management software company, Reggora, that is modernizing residential real estate valuation for lenders, appraisers, and borrowers, entered a strategic partnership with Clear Capital, a technology real estate valuation company, to offer valuation quality control and improve appraisal turn times.
These two appraisal technology companies are combining their efforts by integrating Reggora’s appraisal management platform with ClearCollateral Review, a secure and interactive platform that allows users to document their review process flow and results. This works to further accelerate appraisals by making the review process more efficient. Using Reggora with the product, lenders can take advantage of an improved appraisal review process that reduces risks and meets differing investor guidelines.
“Our collaboration with Clear Capital furthers our mission to deliver impactful, industry-changing solutions that improve the appraisal process for everyone involved,” said Brian Zitin, Reggora CEO and co-founder. “Reggora is committed to pursuing cutting-edge technology like this to further our goal to make the two-day appraisal turn time a reality.”
Lenders and consumers across the nation are suffering from slow-moving appraisals, which drags out closing times. A recent STRATMOR Group study reveals that appraisal wait time is approximately 16 days, and even more in rural areas. Reggora is heavily focused on reducing closing turn times; lenders who have been using the platform report a 35% reduction in appraisal turn times and a 50% reduction in appraisal revisions.
Additionally, implementing ClearCollateral Review on the Reggora platform allows lenders, investors, and third-party review firms to compliantly satisfy customers obligations while meeting industry and investor guidelines. This partnership essentially allows lenders to centralize the review process and access more than 500 property data points from 12 sources in one place and complete the appraisal process faster.
“With ClearCollateral Review, we offer a single source of truth for appraisal reviews,” said Rhonda Johnson, senior partner channel manager at Clear Capital. “Lenders can efficiently manage unpredictable swings in volume and related staffing uncertainty by auto-approving incoming appraisals based on lender-defined logic. Lenders can easily customize rules for incoming appraisals and automatically approve appraisals with zero human interaction, reducing the risk of bias while doing manual reviews on more high-risk or complex reviews.”
