Timeliness, accuracy and transparency are the top factors borrowers care about when it comes to the appraisal process of their home buying experience. 

That’s according to a new survey by appraisal management software company Reggora, which surveyed about 1,000 borrowers about the mortgage lending process. 

Results showed that only interest rate ranked higher than the relationship with a borrower’s loan officer when choosing a lender. Additionally, significantly more borrowers prioritize quick, quality reports ahead of the cost of the appraisal, the survey showed. When asked if the cost of the appraisal was a consideration when choosing a lender, about 81% of respondents said no. 

The responses indicated that borrowers mainly care about: 

  • A positive experience during the appraisal portion of the loan process
  • Appraisal timeliness (quick completion), 
  • Accuracy of the appraisal (no revisions needed), and 
  • Communication/transparency during the process.

“The message from borrowers is clear. Lenders need to focus on projects that make for a high-quality customer experience,” Brian Zitin, CEO and co-founder of Reggora, said.

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