- Reduced cost per loan by $150
- Shortened evaluation period by seven days
BOSTON, October 19, 2022 /PRNewswire/ — Reggora, an appraisal management software company that modernizes residential real estate appraisal for mortgage lenders, announces outstanding business results with Assurance Financial. By automating its review order management process, Assurance Financial has significantly reduced operating costs and increased borrower satisfaction.
Working with Reggora’s mortgage solutions team, Assurance Financial reduced its cost per loan by $150, while resolving the borrower’s longstanding issues with the appraisal experience – paying the appraisal, scheduling the inspection, missing escrow deadlines and more. The average assessment turnaround time dropped by 7 days, and borrowers rated their assessment experience an average of 4.3 out of 5 stars.
“Many operations managers may resist the need to digitize the appraisal process if internal teams are effective,” said Katherine Campbell, Chief Digital Officer at Assurance Financial. “They may think, ‘There’s no problem, so if it ain’t broke, don’t fix it.’ However, this is the bridge that we lenders all have to cross. No matter how effective your team is, rote behavior needs to be replaced with technology. This improves the quality of employee work, which creates often more satisfaction.
Right now, mortgage interest rates are rising and every day counts as lenders try to get the lowest possible interest rate for their borrowers. Assurance Financial has determined that now is the perfect time to implement rating management technology to improve operations, reduce costs and increase consumer confidence.
“A fast and convenient digital mortgage is a key component to delivering a great borrower experience and our goal is to support this by eliminating pain points in the assessment process,” said Brian Zitine, CEO and co-founder of Reggora. “And what’s best for the borrower is also better for the lender. We can improve margins on every loan by eliminating unnecessary costs in a lender’s appraisal process.”
To learn more about Assurance Financial’s success with Reggora, visit https://www.reggora.com/resource/how-assurance-financial-increased-borrower-nps-and-shortened-turn-times-by-7-days.
About Financial Assurance
Assurance Financial is an independent, full-service residential mortgage banker that operates 23 branches in 44 states. Since its founding over 20 years ago, Assurance Financial has aimed to remain at the forefront of mortgage technology. Its commitment to investing in technology-driven solutions enables Assurance Financial to provide its customers with a seamless, seamless and efficient digital mortgage experience.
Reggora is driving appraisal innovation with a modern two-sided platform for mortgage lenders and appraisal providers. With advanced and configurable workflows, Reggora streamlines the entire assessment process for everyone involved, while improving the overall borrower experience. Lenders and appraisers benefit from payment processing, automatic appraisal ordering, rules-based reviews, appraisal delivery, status updates, and more, creating unprecedented operational efficiency.