New Tool Benchmarks Mortgage Lenders’ Appraisal Performance
Reggora, an appraisal management software company, 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.”
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