Appraisal management software company Reggora announced this week the launch of its Appraisal Marketplace, which leverages data managed by the company in an effort to improve appraisal performance.
Since most appraisal orders are sent either to an individual appraiser or appraisal management company (AMC), orders are traditionally then issued to an appraiser based on location and performance history. Reggora contends that this traditional approach relies on “incomplete and imperfect information,” which could then lead to errors in the timely disposition of an appraisal order.
“For example, there could be an appraiser already visiting a neighborhood for an inspection on a given day that would also be able to pick up an extra assignment in that area and get the appraisal done quickly,” the company said. “However, due to the fragmented approach described above, typically, a lender or AMC wouldn’t know that and would assign the order to a different appraiser who can’t inspect the property until a later date.”
This could lead to “lackluster” turn times, revision rates and fee escalation that the new platform is aiming to address. By leveraging Reggora’s own data, its marketplace is aiming to improve the performance of the appraisal industry, the company said.
“Using this much larger set of accurate, real-time data points to match orders with appraisers, the marketplace significantly improves performance by automatically matching each order with the appraiser that’s truly right for the job,” the company said.
Using an algorithm that the company relates to ride-sharing platform Uber, Reggora says that its platform operates using “real-time evaluation of appraiser performance” coupled with information regarding an appraiser’s workload, driving routes, the urgency of a due date and a property’s complexity.
“Lenders want to provide mortgages in five days or less, but appraisals are still too slow and inconsistent to make that a reality,” said Reggora CEO and co-founder Brian Zitin. “With the Appraisal Marketplace, we’ve made getting an appraisal done as simple as ordering a ride from Uber. It’s a huge step forward for lenders who want to offer a fast, convenient digital mortgage experience that will keep their borrowers and loan officers happy even in high volume markets.”
The company launched the Appraisal Marketplace on Tuesday.