Market Outlook, Mortgage and Lending
Businesswire | July 10, 2023
Today, Valligent a market-leading appraisal management company, recently acquired by VerosTM, an industry leader in enterprise risk management and collateral valuation services, announced their integration to the ICE Mortgage Technology™ Platform. Through this integration, mortgage industry stakeholders have the most efficient access to all collateral valuation related products and services.
The combined forces of Valligent and Veros provide lenders with a unified ecosystem of solutions for a compliant, efficient, and accurate valuation process. By partnering with Valligent and leveraging the ICE Mortgage Technology® Platform, lenders will have access to a seamless technology solution that can solve all property valuation and collateral risk management needs. A full spectrum of valuation products is available including traditional appraisals, AVMs, desktop valuations, and the only 4-hour Evaluation product for equity lending.
“Integrating with Encompass® by ICE Mortgage Technology® was always part of the plan when we acquired Valligent,” said Darius Bozorgi, CEO of Veros Software. “Providing a streamlined experience with our full spectrum of appraisal, valuation data and analytics and related collateral risk management solutions has always been our priority. Our partnership with ICE Mortgage Technology enables Veros and Valligent to drive more efficiency for all our customers. Collectively, we can expand our products and services to meet the demands of the digital mortgage industry.”
Founded in 2003 and headquartered in Roseville, California Valligent established itself as a leader in appraisal, alternative valuation, QC and Regulatory Audit solutions. Utilizing a combination of experienced property valuation personnel, automation, Artificial Intelligence, powerful functionality, and mobile technology, Valligent is dedicated to making the property valuation process simple and efficient for everyone involved. Valligent provides comprehensive valuation technology expertise and services to hundreds of banks, credit unions, mortgage lenders and insurance companies nationally. We have developed a state-of-the-art valuation technology platform, fully integrated with best-in-class data providers, Loan Origination Systems (LOS) and on-demand cloud computing platforms and API providers. For more information, visit valligent.com.
A mortgage technology innovator since 2001, Veros is a proven leader in enterprise risk management and collateral valuation services. The firm combines the power of predictive technology, data analytics, and industry expertise to deliver advanced automated solutions that control risk and increase profits throughout the mortgage industry, from loan origination to servicing and securitization. Veros’ services include automated valuation, fraud, and risk detection, portfolio analysis, forecasting, and next-generation collateral risk management platforms. Veros is the primary architect and technology provider of the GSEs’ Uniform Collateral Data Portal® (UCDP®). Veros also works closely with the FHA to support its Electronic Appraisal Delivery (EAD) portal. The company is also making the home buying process more efficient for our nation’s Veterans through its appraisal management work with the Department of Veterans Affairs.
About ICE Mortgage Technology
ICE Mortgage Technology® is part of ICE (NYSE: ICE), a global data, technology and market infrastructure company that designs, builds, and operates digital networks to connect people to opportunity. Backed by ICE’s global resources, we offer a truly differentiated digital platform that provides straight-through processing for a more comprehensive end-to-end workflow than any other provider in the market. We reach almost every mortgage in the U.S. by combining the native automation of Encompass® with the e-collaboration and e-recording capabilities of Simplifile®, along with the national electronic registry for nearly 90% of the U.S. mortgage market in MERS®. Ultimately, our technology enables people across the industry to focus on personal connections when they need it most, and support borrowers for a better journey of homeownership. Visit icemortgagetechnology.com to learn more. ICE Mortgage Technology combines technology, data, and expertise to help automate the mortgage process, from consumer engagement through loan registration, and every step and task in between. ICE Mortgage Technology is the leading cloud-based loan origination platform provider for the mortgage industry, with solutions that enable lenders to originate more loans, lower origination costs, and reduce the time to close, all while ensuring high levels of compliance, quality, and efficiency. Visit icemortgagetechnology.com or call (877) 355-4362 to learn more.
Real Estate Technology, Real Estate Investment
PRnewswire | June 29, 2023
Reggora, an appraisal management software company that is modernizing residential real estate valuation for mortgage lenders, announced today the launch of its appraisal review solution, Reggora Appraisal Review. This innovative software is set to transform the appraisal analysis process for mortgage lenders by significantly reducing repurchase risk and ensuring every appraisal meets the correct quality standards.
Reggora Appraisal Review leverages cutting-edge artificial intelligence (AI) and machine learning algorithms to automate and streamline the appraisal review workflow. With its advanced natural language processing capabilities, the software swiftly analyzes appraisal reports, identifies key data points, inconsistencies, and potential red flags.
For example, the solution uses advanced AI technology to detect bias in reports far more accurately than lexicon-based tools — so underwriters remain confident in the objectivity of their appraisals, without wasting time reviewing false positives. For instance, consider a report that mentions a property located in the city of "Race Point Beach." While the term "Race" would trigger a keyword-based bias detection tool, Reggora's AI-powered algorithm can discern the context and understand that it is simply the name of the city. By analyzing the report's language, tone, and content comprehensively, AI ensures that lenders can swiftly identify genuine instances of bias, avoiding unnecessary scrutiny and enabling them to focus their review efforts on reports that truly require attention.
With this groundbreaking solution, manual appraisal review becomes far more efficient. Reggora Appraisal Review significantly reduces human error, enhances efficiency, and ensures accuracy. By thoughtfully automating the review process, mortgage professionals can expedite their review cycles, reducing turnaround times and accelerating the loan origination process.
One of the critical features of Reggora Appraisal Review is its ability to reduce repurchase risk. By customizing rule sets and quality control checks, mortgage lenders can align their appraisal review processes with industry regulations, investor guidelines, and internal policies. This comprehensive compliance and risk mitigation capability empowers mortgage professionals to mitigate costly repurchase demands, protecting their financial stability and reputation.
Seamless integration with existing loan origination systems further enhances operational productivity. The user-friendly interface allows users to effortlessly navigate through appraisal reports, highlight critical information, and annotate directly on the documents. Comprehensive audit trails ensure transparency and facilitate collaboration between stakeholders.
"Reggora Appraisal Review represents a significant step forward in the mortgage industry," said Brian Zitin, CEO of Reggora. "We are committed to empowering mortgage professionals with cutting-edge technology that drives efficiency, reduces risk, and ultimately allows them to originate loans much faster."
This all-new review solution accompanies Reggora's existing suite of integrations with leading third-party review tools.
Reggora Appraisal Review caters to the unique needs of diverse stakeholders, providing customizable features that can be tailored to individual business requirements. Whether a small regional lender or a large national lender, this software offers a flexible and scalable solution.
Reggora is driving appraisal innovation with a modern, two-sided platform for mortgage lenders and appraisal vendors. Through advanced and configurable workflows, Reggora streamlines the entire appraisal process for everyone involved, while improving the overall borrower experience. Lenders and appraisers benefit from payment processing, automatic appraisal ordering, rule-based reviews, appraisal delivery, status updates, and more, creating unprecedented operational efficiency.
Market Outlook, Real Estate Investment
PRnewswire | July 31, 2023
RentSpree, the industry's premier end-to-end rental management software provider, today announced its latest partnership with OneKey® MLS, the largest multiple listing service in New York, to bring its services to the organization's more than 50,000 members.
RentSpree's full integration on the OneKey® MLS platform will facilitate the instant creation of an ApplyLink™ for rental listings, which supports members in generating more leads, cutting down transaction time, and increasing returns. The new integration makes it easy by allowing OneKey® members to command the entire rental process easily and efficiently.
"Our partnership with RentSpree fits our organization's vision to go beyond what is expected to provide our subscribers with access to the tools they need to compete and stay relevant in a rapidly changing business landscape," said OneKey® MLS CEO Richard Haggerty. "We are deeply committed to supporting our subscribers in all critical areas of real estate. OneKey® MLS is proud to provide a flagship rental tool that easily satisfies fundamental housing needs for Long Island, New York City and the Hudson Valley region."
The U.S. rental market continues to be driven by high demand and a lack of available housing, resulting in nearly two years of median rent growth, according to data from Rent.com. More than 66 percent of states experienced yearly rent growth in May, with New York being among the 10 biggest gainers.
"I'm beyond excited to partner and deliver value for both subscribers and consumers across the OneKey® footprint," said RentSpree Co-Founder & CEO Michael Lucarelli. "We love to work with leaders like Richard who can easily recognize and address important needs in one of the hottest rental markets in the U.S."
He added, "As we seek these types of collaborations, we continue deploying solutions that go well beyond our best-in-class rental screening services. These focus on maximizing agent earnings, building branding, and automating all rental-related processes."
Los Angeles-based RentSpree is a provider of award-winning rental software that helps seamlessly connect real estate agents, owners, and renters to simplify and automate the entire rental process, from listing to lease. The all-in-one platform is known across all 50 states for its easy and secure interface and suite of rental tools, including tenant screening, rent payments, marketing and renter management. To date, RentSpree has partnered with more than 250 of the most influential MLSs, real estate associations and brokerages to serve over one million users in the U.S. RentSpree has been ranked on Inc. 5000's fastest-growing private companies in 2022. Visit RentSpree.com for more information.
About OneKey® MLS
OneKey® MLS, made possible by the merger of MLSLI and Hudson Gateway MLS, is one of the nation's leading Multiple Listing Services, serving 50,000 REALTOR® subscribers and 4,500 participating offices throughout Long Island, New York City, and the Hudson Valley. OneKey® MLS is dedicated to providing more comprehensive coverage, up-to-date statistics, and the best real estate tools and resources.