When an eligible appraisal passes Reggora's automated review, Reggora now covers any financial loss associated with a repurchase / LLPA adjustment due to an appraisal defect
BOSTON, MA / ACCESSWIRE / October 16, 2024 / Reggora, a leading appraisal management software company, announced today the addition of a repurchase and loan-level price adjustment (LLPA) warranty to its appraisal review solution, Reggora Appraisal Review. When an appraisal passes Reggora's automated technology review, the company now covers any financial loss associated with a repurchase or LLPA adjustment due to an appraisal defect. Reggora is the first company within the mortgage industry to provide a repurchase warranty on the results of its appraisal review technology.
Approximately seventy percent of a mortgage lender's appraisals are eligible for the warranty, allowing a lender to eliminate manual underwriting review on the majority of appraisals and maintain no financial liability. This allows mortgage lenders to significantly reduce underwriting costs, close the eligible loans faster, and eliminate financial losses associated with these repurchases and adjustments.
Removing the need for manual underwriting review on most of a lender's appraisals also allows its underwriting team to focus more heavily on the remaining appraisals, potentially further reducing repurchase risk.
"As the mortgage industry prepares for volume to increase, we wanted to help lenders handle that volume much more efficiently," said Brian Zitin, CEO of Reggora. "Eliminating the need to manually underwrite the vast majority of appraisals goes well beyond a technology improvement and truly allows lenders to close loans faster at a lower cost."
For more information about the warranty please visit the Reggora website here. To understand which of your organization's loans are eligible for the warranty, please contact Reggora's mortgage solutions team here.
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.
Contact Information
Michael Murphy
VP, Marketing
mmurphy@reggora.com
SOURCE: Reggora
View the original press release on newswire.com.
