Press Release: SCOTTSDALE, AZ, March 31 /CNW/ - Zaio Corporation (TSX-V: ZAO) and its Scottsdale, Arizona-based subsidiary Zaio Inc. announce the launch of the Propertywise Qualified Appraisal Program
Mortgage brokers can place a Propertywise Qualified Appraisal order (see order) through Zaio's new technology platform. Zaio will assign the order to an independent, pre-screened appraiser.
When the appraisal is returned to Zaio, (see example) Zaio will review the appraisal, and reconcile the value against automated risk indicators. Once completed, the appraisal will be delivered to the broker along with a Propertywise Seal of Approval, which indicates to the broker and to investors that the appraisal was independently ordered and reviewed.
GMAC ResCap recently reached an agreement to use Zaio's Propertywise Qualified Appraisal program for certain mortgages purchased through their Homecomings Financial wholesale channel.
Unbiased, quality appraisals are essential to the foundation of mortgage lending. Fannie Mae and Freddie Mac recently proposed changes to appraisal practices based on concern about appraiser pressure.
GMAC-ResCap worked with Zaio to create quality control procedures that promote the independence contemplated in the proposed Home Valuation Code of Conduct, and deliver high quality appraisal reports with great service to mortgage brokers.
Related Article: Download AppraisalBuzz_GMAC_Zaio_Deal.pdf
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"Zaio's database and valuation technology allow full independence when ordering an appraisal," said Thomas Inserra, CEO of Zaio Corporation. "We help deliver the accuracy and quick turnaround that mortgage lenders want when requesting an appraisal. The Propertywise Seal of Approval indicates the
appraiser independence and quality required for lenders and investors to have confidence in the value."
"Zaio's database and valuation technology allow full independence when ordering an appraisal," said Thomas Inserra, CEO of Zaio Corporation. "We help deliver the accuracy and quick turnaround that mortgage lenders want when requesting an appraisal. The Propertywise Seal of Approval indicates the
appraiser independence and quality required for lenders and investors to have confidence in the value."
Zaio maintains a secure database of 140 million property records and continues to verify property data, photos and appraisals throughout the United States. Zaio currently serves 500 lenders in the U.S. with a full range of appraisal and valuation services.
About Zaio
Zaio is a technology and database company that maintains a secure database of 140 million properties and is now site verifying property data, photos and appraisals of virtually every property in America. Zaio's network of local appraiser experts photograph, inspect, and appraise entire cities, one building at a time using a proprietary GeoScore(TM) rating system. Zaio is ranked among the top 50 best performing companies of more than 2,000 corporations on the TSX-V Exchange, and trades under the symbol "ZAO".
Additional information is available under the symbol "ZAOFF". For more company information, visit www.zaio.com or please contact:
For investors who would like to be added to Zaio's investor distribution list or receive a 2007 annual report, please contact Don Kelly at dkelly@zaio.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release. This press release contains forward-looking statements that may include financial and business prospects, as well as statements regarding the Company's future plans, objectives or economic performance and financial outlooks. Such statements are subject to risk factors associated with the real estate industry, and the overall economy in both Canada and the United States. The
Company believes that the expectations reflected in this press release are reasonable, but actual results may be affected by a variety of variables and may be materially different from the results or events predicted in the forward-looking statements. Readers are therefore cautioned not to place undue
reliance on these forward-looking statements.
In evaluating forward-looking statements readers should consider the risk factors, which could cause actual results or events to differ materially from those, indicated by such forward-looking statements. These forward-looking statements are made as of the date hereof, and unless otherwise required by
applicable securities laws, the Company does not intend nor does it undertake any obligation to update or revise any forward-looking statements to reflect subsequent information, events, results or circumstances or otherwise.
For further information: Thomas J. Inserra, CEO, (480) 575-5111 ; Don Kelly, Chief Communications Officer, (202) 302-3870
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