Mortgage Lenders Reduce Their Cost Per Loan by $258 with Reggora's Appraisal Automation
Cost savings are driven by shorter cycle times, fewer full-time employee resources, and eliminating expensive revenue leakage from appraisal fees
BOSTON, Dec. 6, 2022 /PRNewswire/ -- Reggora, an appraisal management software company that is modernizing residential real estate valuation for mortgage lenders, worked with STRATMOR Group to quantify mortgage lender appraisal operations and performance. Comparing the industry's performance with the outcomes of their 120+ lender customer base, Reggora saves a typical lender $258 per loan by automating the appraisal order management process.
With production costs on the rise and volume on the decline, the savings come at a time when many mortgage lenders are experiecing significant margin compression. Kevin Peranio, PRMG's chief lending officer, said, "Reggora has helped shrink turn times, open up communication and transparency, and eliminated surprises from our appraisal process. Having a solution that keeps everyone on the same page, reduces time and errors from the process, enables an exception-based pipeline management strategy, and actively manages vendor fees has combined to drive down our cost to originate and improved margins."
The cost savings are primarily generated across the Operations and Finance departments, alongside the elimination of revenue lost from appraisal fees and reduced cost of funds. Savings are realized in the following areas:
"Our goal is to reduce a lender's operating costs and make them more competitive with a fast, convenient digital mortgage," said Brian Zitin, CEO and Co-founder of Reggora. "By fixing the bottleneck that appraisals have become, we're able to turn appraisal operations into a revenue generator for our customers."
To learn how much your organization could reduce operating costs, and to receive a customized business case based on your unique operations, visit https://www.reggora.com/demo-request.
Reggora is driving appraisal innovation with a modern, two-sided platform for mortgage lenders and appraisal vendors. Through advanced and configurable workflows, Reggora streamlines the entire appraisal process for everyone involved, while improving the overall borrower experience. Lenders and appraisers benefit from payment processing, automatic appraisal ordering, rule-based reviews, appraisal delivery, status updates, and more, creating unprecedented operational efficiency.
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