The following letter was mailed today by Thomas Inserra, CEO of Zaio to Andrew Cuomo, State of New York's Attorney General:
RE: Proposed Appraisal Guidelines
Dear Sir:
I would like to applaud your breakthrough agreement with Fannie Mae, Freddie Mac and OFHEO. As the former National Chief Appraiser for the Federal Deposit Insurance Corporation (FDIC) and Resolution Trust Corporation (RTC) in Washington DC, I have dedicated my career to this industry. I believe that this will accelerate the successful resolution of the nation's current mortgage crisis.
Zaio is the leading advocate for restoring the independent appraiser.
Our sole focus is to use technology to create an accurate and independent appraisal process. It is my firm belief that mortgage fraud cannot be defeated unless the appraisal process is reengineered to remove all external pressure against the appraiser. Zaio upholds this belief by collecting appraisal data, using our patent-pending technology, in advance of any transaction similar to the operation of a credit bureau.
Using a secure database, such as Zaio, makes any attempts to change, alter of inflate an appraisal without detection next to impossible. To accomplish this, Zaio is creating a complete and comprehensive database of every property in the 250 largest cities in the United States. The process starts with a photographic database that will eventually include over 75 million property photos. Zaio is very far along in creating a national appraisal database repository and currently has 140 million property records in its national "Appraisal Knowledge WarehouseTM" database.
The proposed policies will have a material and positive effect on the mortgage industry and I strongly support this agreement.
Sincerely, Thomas Inserra, CEO Zaio
UPDATE . . . According to the Trading Markets.com article, "Zaio Applauds Landmark Agreement"
James Kirchmeyer, Chief Marketing Officer, said: "We believe the best way for lenders to ensure appraiser independence and comply with these new policies is to rely upon and leverage Zaio's independence, appraiser expertise, and proprietary technology solutions that, to our knowledge, are not available from any other service provider."
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