Reggora Partners With Clear Capital To Bring Improved Appraisal QC
Reggora, an appraisal management software company that is modernizing residential real estate valuation for lenders, appraisers, and borrowers, has entered into a strategic partnership with Clear Capital, a national real estate valuation technology company, to offer valuation quality control.
By integrating Reggora’s appraisal management platform with ClearCollateral Review (CCR), a secure, interactive platform that allows users to document their review process flow and results, the solution further accelerates appraisals by making the review process significantly more efficient. Using Reggora with CCR, lenders can take advantage of an improved appraisal review process that reduces risks and meets differing investor guidelines.
The time it takes to process an appraisal is gaining attention in the industry for being a vital part of overall mortgage fulfillment. A recent STRATMOR Group study revealed that appraisal wait time is approximately 16 days, and even more in rural areas. Reggora is heavily focused on reducing appraisal turn times, and lenders using the platform have seen as much as a 35% reduction in appraisal turn times and a 50% reduction in appraisal revisions.
By implementing CCR on the Reggora platform, lenders, investors and third-party review firms can confidently and compliantly satisfy customer obligations while meeting industry and investor guidelines. This partnership 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 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.”
“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.”
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