The all-new solution is designed to reduce operating costs, repurchase risk and accurately detect biases for mortgage lenders.
Boston, June 28, 2023 /PRNewswire/ — LegolaAppraisal Management Software Company, which modernizes residential property appraisals for mortgage lenders, today announced the launch of Reggora Appraisal Review, an appraisal review solution. This innovative software transforms the valuation analysis process for mortgage lenders by significantly reducing repurchase risk and ensuring that all valuations meet the correct quality standards.
Reggora Appraisal Review leverages cutting-edge artificial intelligence (AI) and machine learning algorithms to automate and streamline appraisal review workflows. With advanced natural language processing capabilities, the software quickly analyzes assessment reports to identify key data points, discrepancies, and potential red flags.
For example, the solution uses advanced AI technology to detect bias in reports much more accurately than dictionary-based tools. So insurers don’t waste time checking for false positives and can remain confident in the objectivity of their assessments. For example, consider a report that mentions real estate in the city “Race Point Beach”. The term “race” triggers keyword-based bias detection tools, but Reggora’s AI-powered algorithms identify the context and understand that it’s just the name of a city. By comprehensively analyzing report wording, tone, and content, AI can help lenders quickly identify true instances of bias, avoid unnecessary scrutiny, and highlight reports that really need attention. You will be able to concentrate on the examination.
This breakthrough solution greatly streamlines manual rating reviews. Reggora Appraisal Review significantly reduces human error, increases efficiency and ensures accuracy. By carefully automating the underwriting process, mortgage professionals can shorten the underwriting cycle, reduce turnaround time, and accelerate the loan origination process.
One of the key features of the Reggora Appraisal Review is its ability to reduce repurchase risk. By customizing rule sets and quality control checks, mortgage lenders can align their valuation review process with industry regulations, investor guidelines, and internal policies. This comprehensive compliance and risk mitigation capability helps mortgage professionals mitigate expensive repurchase requests and protect their financial stability and reputation.
Seamless integration with existing loan origination systems further increases operational productivity. A user-friendly interface allows users to easily navigate the assessment report, highlight key information and annotate directly on the document. A comprehensive audit trail ensures transparency and facilitates collaboration among stakeholders.
“The Reggora Appraisal Review represents an important step forward in the mortgage industry,” he said. Brian Jietin, CEO of Legola. “We are committed to providing mortgage professionals with cutting-edge technology that increases efficiency, reduces risk and ultimately enables them to start financing much faster.”
This all-new review solution comes with Reggora’s existing integrated suite and leading third-party review tools.
The Reggora Appraisal Review addresses the unique needs of various stakeholders and offers features that can be customized to meet individual business requirements. Whether you are a small regional financial institution or a large domestic financial institution, the software provides a flexible and scalable solution.
For more information, visit Reggora’s website.
About Legola
Reggora drives valuation innovation with a modern two-sided platform for mortgage lenders and valuation vendors. Through advanced and configurable workflows, Reggora streamlines the entire evaluation process for all parties involved, improving the overall borrower experience. Lenders and appraisers benefit from payment processing, automated appraisal orders, rules-based reviews, appraisal delivery, status updates, and more, creating unprecedented operational efficiencies.
Media inquiries
Michael Murphy
Legola
[email protected]
805-286-6934
From Regola
