Reggora, a Boston-based home appraisal tech company serving appraisers and mortgage lenders, has raised $3 million in seed funding. With this seed funding round, Reggora will be expanding across the country and continue enhancing its platform.
This funding round was led by Spark Capital. Early investor Boston Seed Capital also participated in this round. Spark Capital general partner Alex Finkelstein is joining Reggora’s board of directors in conjunction with this round.
Reggora essentially increases the efficiency of the home appraisal process, which becomes completed up to 40% faster for borrowers and mortgage lenders such as banks and credit unions.
“As technology continues to improve in the financial services sector, everything is becoming on-demand and easier for the borrower,” said Reggora co-founder and CEO Brian Zitin in a statement. “However, 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.”
Following the 2008 housing crisis, the Home Valuation Code of Conduct (HVCC) was created to protect appraiser independence and it prevents outside pressure on appraisers that may influence property values. This added an extra layer of complexity to the appraisal process.
Reggora’s platform facilitates compliance with these regulations while cutting down on redundancies and manual processes with a transparent two-sided platform that provides the necessary tools to efficiently complete appraisals. This platform is free for appraisers.
“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,” added Reggora co-founder and CTO Will Denslow. “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.”
Finkelstein pointed out that Reggora is transforming the appraisal process from all ends with a “seamless platform for lenders, appraisers and borrowers.” And Finkelstein said he was very impressed with the company’s traction and believes in the team’s vision for greater efficiency.
