Blog post by Reggora
Underwriters are among a lender’s highest-paid salaried employees, and their time should be used in the most effective way possible. For many, that currently isn’t the case. Low-risk appraisals are often assigned to experienced underwriters whose expertise would be better spent on a more complex, high-risk case. But manually separating appraisals based on risk would require additional bandwidth and further slow turn times, ultimately increasing a lender’s cost per loan file.
Reggora’s integration with Clear Capital addresses this common pain point through no-touch appraisal review automation and instant triage by assessing both risk level and the underwriter’s expertise. This article will explore how the Reggora and Clear Capital integration achieves these outcomes and the related efficiency gains and financial benefits for lenders.
Advancing Appraisal Management with Reggora
At Reggora, our goal as an appraisal management software company is to streamline the appraisal process from initial order through payment processing. Traditional appraisal tasks lean heavily on manual touchpoints, which are inefficient and error-prone. Such issues negatively affect the borrower experience, cause employees frustration, and ultimately reflect poorly on the lender.
Our appraisal management platform sits between lenders and their AMCs or individual appraiser partners and digitizes those otherwise manual tasks. Automating workflows within a centralized platform accelerates scheduling, improves order status visibility, stems revenue leakage from uncollected appraisal fees, and, overall, speeds up appraisal delivery and increases profitability. Lenders that switch to Reggora experience a reduced cost per loan of $258 per file and a turn time improvement of 2 days versus the industry average, found in a 2022 STRATMOR Group study.
These benefits also give lenders a competitive advantage both when it comes to borrower acquisition and employee recruitment and retention, specifically when it comes to loan officers.
Automated Appraisal Review with Clear Capital
Clear Capital’s ClearCollateral ReviewⓇ uses intelligent appraisal review automation to reduce manual efforts while improving appraisal quality control. Through a single, integrated workflow, ClearCollateral Review checks every aspect of the appraisal, from property photos to comparables, using 500 property data points from 12 sources. The system is able to instantly detect appraisal errors or areas of potential risk and flag them for manual review by an underwriter with the appropriate level of expertise.
Lenders that use ClearCollateral Review reduce their appraisal review process by an average of 30 minutes per loan file, with a 65% decrease in photo-related errors and a 50% decrease in overall underwriting review time. Much like with the time savings experienced in Reggora, streamlining appraisal review through ClearCollateral Review will make the process more efficient and reduce a lender’s cost to originate.
Introducing ClearCollateral Review and Reggora
The Reggora and Clear Capital integration provides users with a seamless experience between the two platforms to enhance both appraisal management activities and the underwriting portion of the loan process. To understand how they work together, let’s look at a high-level overview of the workflow.
