Reggora Introduces Warranty to Enhance Appraisal Review Software

Reggora, a notable player in the appraisal management software industry, has unveiled a warranty addition to its appraisal review tool. This new feature, applicable when an eligible appraisal clears Reggora's automated review, guarantees coverage for any financial setbacks stemming from repurchase or loan-level price adjustment (LLPA) issues due to appraisal defects.

Reggora claims to be pioneering this warranty within the mortgage sector. Approximately 70% of a lender's appraisals qualify for the warranty, minimizing the need for manual underwriting, thus reducing costs and expediting loan closures. The initiative allows lenders to allocate underwriting resources more effectively, possibly lowering repurchase risk.

CEO Brian Zitin emphasized the strategy's importance amid anticipated industry growth, highlighting its potential to accelerate and reduce the cost of loan processes.