24 Hour Appraisals

[sputnam]

I wonder if they expect the appraiser to work 24hrs straight without sleep to complete the order? I assume that's what they mean by no rush charge.

Completing a 1004 appraisal. receipt of order to delivery of report, in 24 hours isn't really that hard.... assuming that you get the order at 7 am, pick up the phone and the property contact answers, there are no delays in getting access, that you aren't already in the middle of other appraisals, that there are plenty of good comprable sales, that you don't find any problems at the subject property, etc. etc. Of course, if you have more than one Client and one assignment it becomes nearly impossible.

 

[cashcatz]

certified check only. No, I will not give you my bank routing number.

Why not? It's 2025. Checks are risky. Direct deposit is where it's at. But I feel ya on triple the fee for rush.

 

[alebrewer]

Sometimes its possible, but if they are guaranteeing it they are cutting corners. It can take days or weeks sometimes for agents to get back to me. Last new construction it took a week to get information from the builder rep, and that is from a party with an interest in the transaction where you wouldn't think they would take as long.

yeah, as I said - a bit coy of Brian to tease this with zero indication of what they might be trying. I don't see how it's possible either - and Brian's company is an OMS provider, not a forms provider. How'z his appraisers (whoever those are) gonna generate the reports? Should be interesting...

 

[cashcatz]

Regorra just wants their foot in the door for more appraisal requests knowing very well that the 24 hour appraisal is rarely needed. But they have that option when needed.

You might be onto something with this statement, smart thinking.

 

[cashcatz]

don't see how it's possible either - and Brian's company is an OMS provider, not a forms provider. How'z his appraisers (whoever those are) gonna generate the reports? Should be interesting...

Yeah, I was wondering about that as well. With such a large VC raise, maybe they have/are building their own report software solution - or buying one of the new startups (like Grant has mentioned before).

 

[alebrewer]

Yeah, I was wondering about that as well. With such a large VC raise, maybe they have/are building their own report software solution - or buying one of the new startups (like Grant has mentioned before).

We use Reggora, and I know his group has been working like mad scientists - but they're very secretive about what they're working on. You may be right...

 

[Non Sequitur]

I don't see how it's possible either - and Brian's company is an OMS provider, not a forms provider.

They are already in the review business, and have been dropping hints on LinkedIn about their 24hr appraisal for months. And FWIW they aren't the only ones claiming this type innovation is coming.

Their review side:

Appraisal fintech touts first-of-its-kind warranty against loan repurchases

Reggora says it will cover 'any financial loss' associated with a buyback or LLPA

www.scotsmanguide.com

Appraisal management fintech Reggora has announced a new warranty backing the results of its software’s appraisal reviews — effectively a guarantee that the company touts as the first of its kind within the mortgage industry.

Specifically, when an appraisal passes the automated review of the firm’s Reggora Appraisal Review platform, Reggora now says it will cover any financial loss associated with a repurchase or loan-level price adjustment stemming from an appraisal defect.

 

[J Grant]

Completing a 1004 appraisal. receipt of order to delivery of report, in 24 hours isn't really that hard.... assuming that you get the order at 7 am, pick up the phone and the property contact answers, there are no delays in getting access, that you aren't already in the middle of other appraisals, that there are plenty of good comprable sales, that you don't find any problems at the subject property, etc. etc. Of course, if you have more than one Client and one assignment it becomes nearly impossible.

When was the last time you did a 1004 appraisal?

Normally we have other assignments and reports in progress, not just the one. And the stars rarely align with perfect instant appointments and so on.

 

[Non Sequitur]

A Regorra appraiser out in the wild beta testing the software:

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A man in New Jersey has gone viral for breakdancing during a town hall meeting in Cranford. Will Thilly, a resident of the town, after doing a backspin complained about the high taxes..

www.facebook.com

 

[J Grant]

Regorra advertises it as costing the same as an appraisal you pay for now, delivered in 24 hours. Their website has an email you can ask as if you are a lender and get more information on the product - they call it an appraisal product and not an appraisal- whether it includes an interior inspection or not.

Just more problems for what solution idk - if it is a purchase people dont' close for weeks or onths and if they are refianncing and cant' wait a few more day sfor the $ what does that say about the borrower - and the loan still needs UW wtc. When loans get so sped up, they start skipping steps and automation parts of the process, it will be ripe for fraud - I mean, just invent fake properties or have someone who is not an owner apply for refinances and equity lines - closings are not in person, the UW will be automated, and so on. Wire fraud in closings is already so common there are big warnings aobut it and work around security to try to curb it.