The integration ensures appraisal orders from third party brokers are compliant with updated agency appraiser independence requirements
BOSTON, MA / ACCESSWIRE / April 30, 2024 / Reggora, an appraisal management software company that is modernizing residential real estate valuation for mortgage lenders, announced today its partnership with Loan Originator Networks, LLC (LON), a leading TPO portal solution for mortgage lenders. The integrated partners automatically ensure each appraisal ordered by a mortgage lender's third-party broker or non-delegated correspondent is requested in a manner compliant with each agency's updated appraiser independence requirements.
LON supports both agency and non-agency TPO aggregators, making it simple for a TPO aggregator to originate loans through an extensive network of wholesale brokers. When the agencies issued a significant update to their appraiser independence requirements in August 2023, LON's then-appraisal management system partners were slow to adapt to these requirements to ensure their mortgage lender customers remained compliant.
Reggora automatically ensures compliance with agency regulations through its advanced and configurable appraisal order allocation methodologies. This includes, but is not limited to, Reggora's Appraisal Marketplace. The solution's allocation algorithm uses real-time, market-wide data to automatically allocate an individual order to the vendor most likely to provide the best performance on that order. Performance metrics include turn time, quality, and fee escalation rates.
In addition, Reggora improves both the broker and borrower experience by automating the slow, manual tasks brokers and operations staff had to perform when completing appraisals from the wholesale channel. Reggora's communication with the borrower is all done in the lender's branding; it automatically collects payment, notifies the broker when the appraisal's status changes, and more. This allows mortgage lenders to offer brokers a more powerful and easy-to-use experience, increasing broker satisfaction.
"We're excited about our partnership with LON," said Brian Zitin, CEO of Reggora. "They make it simple for a mortgage lender to generate wholesale business, and we turn that lender's appraisal process into something completely differentiated from the competition."
"Partnering with a modern appraisal management system is a significant improvement for us and our customers," said Michael Baker, Head of Product Development & Distribution at Loan Originator Networks. "They're constantly ahead of the curve when it comes to ever-changing industry regulations, which means we never have to wait for a partner to update their platform to make sure our customers are compliant."
About Reggora
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.
About LON
Loan Originator Networks, LLC (LON) supports TPO Aggregators wishing to scale their User Interface with the industry's latest APIs. If you like your doc and database of record, keep your doc and database of record, we'll make it work for your third-party customers.
Contact Information
Michael Murphy
VP, Marketing
mmurphy@reggora.com
SOURCE: Reggora
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