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With tech solutions and automation dominating more and more of the mortgage experience, the appraisalprocess can feel a bit dated, often causing significant slowdowns. HousingWire: Why should lenders consider appraisal modernization and how can it benefit borrowers?
For instance, desktop appraisals became a permanent option for certain loans in March 2022, and along with hybrid appraisals, they’re reducing cycle times significantly. “We We’re having really high success using these products to expedite the purchase appraisal transactions compared to a traditional process.”. “We
With the recent news about desktop appraisals, appraisaltechnology is top of mind for many. HousingWire recently spoke with Reggora co-founder and CTO Will Denslow about the role of technology in appraisal innovation. How will this affect appraisaltechnology moving forward?
According to Reggora co-founder and CEO Brian Zitin, “Lenders need to start paying attention to the appraisalprocess now, more than ever.”. This year’s hot housing market has created several obstacles within the appraisalprocess that impact both the lender and the borrower. The first is legacy technology.
In 2023, nearly half of appraisers surveyed said fee pressure was their biggest challenge, up 20 percentage points since last year. Fee pressure was followed by appraisal management company (AMC) requests for revisions (28%) and technology fees (26%), a category that was not included in 2022 survey responses.
Transaction Management and House-Selling Tools Similarly, if you’re familiar with real estate transactions, you don’t need a realtor with a 3% commission to handle the paperwork during the closing period—in fact, you may be surprised by how much of all that administrative work and logistics management is really done by the title company (..)
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