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Reggora and Clear Capital partner to improve appraisal quality control

Reggora, an appraisal management software company, announced today partnering with national real estate valuation company Clear Capital to offer valuation quality control services, according to a press release.

The release states that by integrating Reggora’s appraisal management platform with document review platform ClearCollateral Review (CCR), the solution will further accelerate appraisals and make the review process “significantly more efficient.”

Reggora says that by implementing CCR on its platform, its lenders, investors and third-party review firms can compliantly satisfy customer obligations, meet industry and investor guidelines and enable lenders to centralize the review process and access more than 500 property data points in one place.

“With ClearCollateral Review, we offer a single source of truth for appraisal reviews. Lenders can efficiently manage unpredictable swings in volume and related staffing uncertainty by auto-approving incoming appraisals based on lender-defined logic. Lenders can easily customize rules for incoming appraisals and automatically approve appraisals with zero human interaction, reducing the risk of bias while doing manual reviews on more high-risk or complex reviews,” stated Rhonda Johnson, senior partner channel manager at Clear Capital, in the release.

Through this partnership, Reggora says it can help reduce the time it takes to process appraisals and fulfill a major part of the mortgage process. The company says it is heavily focused on reducing appraisal turn times, and says that lenders using its platform have seen a 35% reduction in appraisal turn times and 50% reduction in appraisal revisions.

This compares to the average 16-day wait time reported by a recent STRATMOR Group study. Clear Capital recently launched two new Desktop Appraisal solutions to meet new GSE standards set by Fannie Mae and Freddie Mac last month; this partnership indicates a continuing push to accelerate the appraisal process and streamline a major step in the home buying process.

Last year, Reggora raised a $30 million Series B led by Spark Capital and also stated plans to reach two-day appraisals.

“Our collaboration with Clear Capital furthers our mission to deliver impactful, industry-changing solutions that improve the appraisal process for everyone involved,” said Brian Zitin, Reggora CEO and co-founder. “Reggora is committed to pursuing cutting-edge technology like this to further our goal to make the two-day appraisal turn time a reality.”

In other recent proptech news, IDeaS and RMS Cloud partnered for a two-way hotel management revenue solution. Asteroom also launched a desktop appraisal data collection service.

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