Reggora

Reggora provides appraisal solutions to property appraisers and mortgage lenders. According to the company, securing a mortgage loan is a slow process partly due to the manual process of finding appraisers, scheduling inspections, and tracking work progress.

Reggora’s appraisal platform automates the whole workflow process mentioned above, such as searching for appraisers, scheduling appraisal inspections, automated underwriting, status updates, and reviewing final appraiser products. As a result, Reggora can complete the appraisal process much faster than the traditional procedures, allowing appraisers to accommodate more requests.

The company states that it works with national and regional lenders across the US. In 2019, the company managed to expand its client base significantly.

In May 2023, the company launched the Appraisal Marketplace, a solution for mortgage lenders that uses an algorithm to optimize residential real estate appraisals. By leveraging real-time data, the platform matches orders with appraisers based on factors like performance, workload, and proximity. Reggora claims this can significantly improve efficiency, with North Easton Savings Bank reporting a 35% faster turnaround time after adoption. The Appraisal Marketplace aims to reduce the time and cost of appraisals, potentially enabling lenders to offer mortgages in five days or less.

In June 2023, Reggora launched Reggora Appraisal Review, an AI-powered tool for mortgage lenders to automate and streamline the appraisal review process. By using AI and machine learning, the software identifies key data points, inconsistencies, and potential biases in reports, reducing human error and improving efficiency. It integrates with existing systems, allowing lenders to align with industry regulations and investor guidelines, ultimately helping to lower repurchase risks and ensure appraisal quality.

Key customers and partnerships

In June 2023, Reggora partnered with Loan Originator Networks (LON) to automate appraisal order compliance for wholesale brokers and non-delegated correspondents. This collaboration was to ensure compliance with updated appraiser independence requirements by using Reggora's system to automatically assign orders to the best-performing vendors.