Former Ellie Mae CEO Jonathan Corr has joined the board of directors for appraisal technology company Reggora.
Corr spent 18 years at Ellie Mae before announcing his retirement in September after the company was acquired by Intercontinental Exchange. Joe Tyrrell, Ellie Mae’s chief operating officer, succeeded Corr as president of ICE. Corr helped launch Ellie Mae’s popular Encompass platform and saw revenue jump from $10 million to $1 billion during his tenure.
“Reggora is uniquely positioned to bring meaningful change to the appraisal industry,” said Corr. “The company is taking a unique approach to solving a historic challenge in the mortgage loan process, and I am proud to join in the mission to deliver consistent two-day appraisal turn times.”
Corr will work closely on the board with Regorra’s leadership team — including co-founders Brian Zitin and Will Denslow.
“We are honored to work with Jonathan and leverage his tremendous industry expertise at Reggora,” said Zitin. “After raising our Series B earlier this year, we were looking for an additional leader who could help Reggora continue to deliver a high-quality solution and be a leader in the appraisal space.”
In an interview with HousingWire, Zitin said Reggora is “hyper-focused” on streamlining the entire appraisal process, and Denslow said digital appraisals will be the norm sooner rather than later.
“We are excited to help lenders become more strategic about the way they manage their appraisal operations,” Denslow said. “The future of mortgage will be digital, unlocking new ways to leverage data and analytics to power things such as appraisal vendor selection, risk management and quality assurance.”
Corr, along with Ellie Mae founder Sig Anderman, was an early proponent for automating the mortgage process. In an interview with HousingWire last year, Corr described the excitement he and Anderman felt as they looked to disrupt a traditional process.
“We saw the internet and the technology around it as a vehicle to help drive a better experience all the way around — for consumers, brokers and investors. We saw a tremendous opportunity to take friction out of the process and move from a disconnected, paper-laden way to a more consumer-friendly way,” Corr said.
Corr joins Reggora at an interesting inflection point for property valuations. In December, after a year of granting appraisal flexibilities due to the pandemic, the FHFA announced a Request for Input on GSE appraisal modernization efforts.