Reggora, an appraisal platform for appraisers and lenders, has secured $3 million in seed funding to help it expand across the U.S. and enhance its platform. The funding round was led by Spark Capital with participation from Boston Seed Capital, an early investor in the company.

[caption id="attachment_9077" align="alignright" width="300"] Denslow: Software provides lenders with more control than they've had up to now.[/caption]

"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," said 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."

Reggora brings greater efficiency to the home-appraisal process, allowing appraisals to be completed up to 40% faster for borrowers and mortgage lenders like banks or credit unions.

Regulations over the past 10 years have added complexity to the appraisal process—such as appraiser independence. Reggora's platform facilitates compliance with these regulations while reducing redundancies and manual processes and replace it with a platform that provides automated tools to complete appraisals.

"As technology continues to improve in the financial services sector, everything is becoming on-demand and easier for the borrower," said Brian Zitin, co-founder and CEO of Reggora. "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." Alex Finkelstein, general partner at Spark Capital, will join Reggora's board.