Reggora claims to make appraisals up to 40% faster
A cloud-based home appraisal platform for mortgage lenders and appraisers has secured $3 million in seed funding for its expansion and enhancement.
The funding for Reggora comes from Spark Capital and an early-investor in the company Boston Seed Capital.
Reggora co-founder and CEO Brian Zitin says the platform is responding to a demand for on-demand and simplified processes for consumers.
"Getting a mortgage loan is still a slow process and getting an appraisal is a main contributor to that. Reggora aims to streamline things for everyone involved by bringing modern technology to the process," he says.
Reggora claims that it can speed up the appraisal process by up to 40% for borrowers and mortgage lenders by removing some of the key things that typically slow down the process.
"The primary reasons for delays during appraisals today revolve around basic manual processes such as finding the most qualified and available appraisers, scheduling inspections and following up to check on an order status," says Will Denslow, Reggora's co-founder and CTO. "Our software automates all of these elements and much more, providing the lender with greater control and transparency and allowing the appraiser to spend more time focusing on the critical part of the process: the appraisal itself."
The Reggora platform also ensures compliance with the Home Valuation Code of Conduct (HVCC) which was introduced following the financial crisis as a safeguard but also made the appraisal process more complex.