Appraisal Scoop

PR: Zaio (Zone Data Systems - USA) Expands AMC Distribution Network Nationally

Axis Appraisal Management to Distribute Zaio's Suite of Appraisal Products

CALGARY, ALBERTA, Jul 31, 2012 (MARKETWIRE via COMTEX) -- Zaio Corporation  today announced that its partner in the United States, Zone Data Systems LLC ("ZDS"), has entered into a reseller agreement with Axis Appraisal Management Solutions Inc. (Axis), a national appraisal management company (AMC), to provide direct order access to Zaio's suite of on demand appraisal products.

Based just north of San Francisco, California, Axis has a nationwide panel of certified appraisers that provides appraisal services to a large and growing list of mortgage lenders and other clients across the United States.

"Partnering with Zone Data Systems and utilizing Zaio technology provides Axis with a unique product offering in the United States," noted Ron Simmons, Director of Valuation Services & Chief Appraiser of Axis. "Zaio's product offering leverages our position in the marketplace and complements our nationwide appraiser panel, growing review service needs, and automated valuation model offerings. It gives our customers another option and additional price points by which they can do
business with Axis."

Axis joins Kirchmeyer & Associates, Veros Corporation, and Servicelink in offering Zaio products and services across the United States.

National AMCs are an important link in the property appraisal process. Local property appraisers align themselves with AMCs to gain access to a broader base of regional and national customers who may be looking for appraisal services in their area. Regional and national mortgage lenders use AMCs to route their appraisal orders to these local appraisal experts. By establishing direct order access relationships with AMCs, Zaio is able to provide the AMC's customer with an accurate, cost effective, rapid response suite of appraisal products.

"We are starting to see increased interest from the AMC community in Zaio's appraisal product suite because our database has now reached a critical mass in terms of the number of properties and the number of urban centres that we cover," noted David King, Zaio's President and CEO. "I expect Zaio's
relationship with Axis to grow as we continue to fill out the scope of our coverage, which today stands in excess of 30 million properties ready for order taking."

For further information visit www.zaio.com  .

About Zaio Corporation

Zaio provides customers in the property valuation, underwriting and lending industries with real-time access to certified appraisal reports from the Company's patented database of proactively maintained residential property valuations prepared by licensed appraisers across the United States. The

        
        Contacts:
        Zaio Corporation
        David King
        President & CEO
        (403) 984-ZAIO
 
www.zaio.com            
        Genoa Management Ltd.
        John Sadler
        (416) 594-9292
        

PR: Zaio Update - "Z products" to offer prompt online access for direct LOS interface

NEWS RELEASE Progress Update for the US Market – RE: Zone Data Systems LLC TSX Venture Exchange Symbol: ZAO May 14, 2010 CALGARY, AB

 Zaio Corporation will now be providing regular updates on Zone Data Systems LLC’s development and delivery of the first appraiser-backed valuation database for the United States.

Zone Data Systems, LLC (ZDS) announced the completion of its Full Membership enrollment on April 15, 2010. The tally stands at 233 Partners, who own appraisal businesses in 25 states, operating in 32 of the top 40 MSA’s in the USA. The Partners employ over 500 certified appraisers in those markets and are currently providing a full range of traditional appraisal products to the financial community.

ZDS LLC was formed in May 2009 to conclude an agreement with Zaio Corporation to develop and deliver the industry’s first dynamic, appraiser based valuation database for the USA. This database is backed by independent, local appraiser research completed by each of the Partners in their various jurisdictions. To the best of our knowledge ZDS is the only appraisal organization that requires its members to conduct detailed market value research on homes in advance of the appraisal order.

ZDS is 100 percent owned by American appraisal business owners who have licensed software rights from Zaio Corporation to build, maintain and deliver the database within their assigned Zones. ZDS is releasing this week the latest full version of valuation research software for populating the database in each of the Partner Zones. Plans are to begin delivering the new database driven appraisal service by midsummer 2010.

ZDS employs Zaio Corporation’s patent pending Valytics software and the unique Geoscore technology to organize key data on all properties within a market, attach cardinal rankings to seven key value attributes for each property, and analyze sales data within that market segment to arrive at accurate value estimates for every property in the market. This whole-market analysis is reviewed continually as new sales and listings occur in the market and value estimates are adjusted and balanced as necessary.

"By continually updating the research and analysis on all properties in advance, ZDS is able to offer superior market research with unbiased independence and near real-time response. All reports are fully USPAP compliant. Valuation database products and services are called Z Products. Z products will offer prompt online access directly into the database for direct LOS interface, a Portfolio Viewer web application for tracking the value of every home within any portfolios and standard appraisal reports which can be delivered in both PDF and MISMO format. Valuation research is being conducted regularly and in advance of any order for virtually every residential dwelling."

Margaret Lai, Chair of the ZDS Marketing Committee and owner of Abacus Appraisal Services, Inc. in Redmond, Washington, states “Scores of ZDS Partners have been working the past year on various projects necessary to bring these unique appraisal products to market. We are excited that the time is drawing near for full implementation.”

Zaio Launches Facebook Integrated Application - Sign of a New Business Model?

It's been a while since we've posted anything about Zaio and their efforts to collect the sales history of each U.S. parcel into a data base capable of developing individual property valuation data and trends for the each of the neighborhood markets in which they operate.  

From their newly designed website it appears that there may be a shift in their business model?

"Zaio provides a unique opportunity for you to accurately track the value of your home and gives you the tools necessary to improve your neighborhood's marketability.Build community spirit by meeting your neighbors on-line, sharing events and reducing crime. Connect and correspond with local licensed appraisers that are researching value trends for your home. Being proactive about your property value is easy. Let the world know your community is a great place to live.Use a Facebook username and password to login. To learn more about this opportunity please view the video clip below."

via zaiocorp.appspot.com

Zaio's NEWCO - A National Coalition of Appraisers Announce Agreement May 13, 2009 - Offers "Z System" to Financial Services Industry

A National Coalition of Appraisers announced today that an agreement has been reached with Zaio Corporation (a Canadian public corporation) and the elected US Zone Appraiser representatives for the development of residential valuation products in America.

Under terms of the agreement, the network of American zone owners will create a new company (“Newco”) that will formalize a license agreement with Zaio to develop, control and manage the United States market.

Under the License, Newco will offer appraisal, valuation, and market analysis products (the “Z System”) to the financial services industry. The Z System is the innovative software that Zaio has been developing in conjunction with the network of 350 appraisal firms operating in most major cities across the country.

Brad Stinson, CEO of Zaio Corporation stated

“Negotiations took five months to complete. What bound us together was the belief that the Z System offers an effective, unique and valuable data base from which to provide appraisal, valuation, and market value research complied by local licensed appraisers.”

Randy Kass, CPA, Chairman of the elected Zone Appraiser Advisory Council, led the negotiations for Newco. Mr. Kass explained, “Our zone owners are recognized by major financial institutions as valuation and appraisal experts employing over 750 licensed appraisers and operating in 23 of the most populous states. We are convinced that the Z system offers a revolutionary software platform through which appraiser certified data can be provided in combination with local market expertise, in a manner that will offer significant improvements in valuation products and service to the financial community.”

Mr. Stinson noted that the Zaio’s near term focus will be the completion of specific technical tasks, overseen by Newco’s Technology Committee. Mr. Kass stated that the formation of Newco and the election of Directors are expected to be completed by the end of May, 2009. 

The Zaio Knowledge Warehouse consists of a data base of 76 million parcel records throughout the USA which Newco will now manage. The Zone Owners will continue to verify the data, combine the sales history of each parcel into the data base and use the Zaio valuation software aides known as Valytics to develop individual property valuation data and trends for the each of the neighborhood markets in which they operate.

Newco plans to offer its first four appraisal products to the market in the fourth quarter of 2009.

Mr. Stinson and Mr. Kass stated “We are pleased that the new agreement has been reached and believe that the Z Concept will offer attractive appraisal, valuation, and market analysis services to the financial industry which will benefit lenders, portfolio investors, and individual homeowners for years to come.”

For more information on Newco contact Ken Verrett at [email protected]

Zaio Corporation trades on the TSX Venture Exchange under the symbol “ZAO”.

Zaio Establishes New Terms with Zone Owners for United States Launch

CALGARY, May 12, 2009 Zaio Corporation("Zaio" or the "Company") announced today that the Company has signed a letter of intent and term sheet ("Terms") with the Zaio Zone Appraisers in the United States to proceed with a plan to complete the Company's national valuation database and offer services to lenders across the country.

The new Terms are expected to solve certain barriers that Zaio experienced in the past while compiling the world's first appraiser certified national valuation database.

Zaio will be issuing a national license for its patent pending technology to a new US entity which will be owned and operated by approximately 350 appraisal firms that currently hold Zaio

Zone licenses in most major US cities.

Zaio will receive a royalty equal to 50% of the profits generated by the sale of products from the growing appraisal and photo database.

Zaio will no longer incur the cost and management obligations of running a large US appraisal operation and will be able to focus on further development of its own technology.

From the Zone Owner's perspective there will be greater incentive to complete the respective market value research and data collection in each Zone. In addition, the unification of these skilled appraisers will create one of the largest national appraisal networks in the United States powered by Zaio's award winning appraisal database technology.

Randy S. Kass, Chairman of the Zone Owners' Advisory Committee says: "We are convinced that the Zaio system offers a revolutionary platform through which real estate appraisals and data can be provided with local market expertise and delivered in a manner that will offer significant improvements to valuation and service excellence."

Bradley Stinson, CEO of Zaio stated: "The Zone Owners are an organized group of entrepreneurial appraisal firms. We are very pleased to work with professionals that have exhibited a passion for market value research."

The Company also wishes to confirm that Bradley Stinson, founder and inventor of the Zaio technology concept, has been officially appointed CEO of Zaio Corporation.

Source:  Zaio (www.zaio.com) 

Zaio Closes Its Doors in the US Today!

 

Click here for the complete letter: Download Zaio_Notice_Appraiser.pdf

Zaio 2nd Quarter Results Are In! John Ross Joins RICS

Zaio has released their second quarter financial results for 2008 and opened with a positive statement by their CEO, Douglas Vincent:

"The Company reported record revenues and made significant progress with its proprietary technology development during the quarter," stated Douglas Vincent, CEO. "Zaio was pleased to announce the successful implementation of this technology in July as initial Zones were brought to "Live" status. The Company is now focused on leveraging this leading-edge technology across the more than 1,700 zones which we have sold to date, providing a national footprint for Zaio's Z products."

However, all is not a bed of roses for the company.  According to their press release:

Zone sales have been lower than expected this year due to adverse conditions. The lower than expected zone sales have had an impact on the Company's cash resources available for its national database expansion. As a result, the Company has made strategic decisions to concentrate its cash resources largely in the areas where zones have been purchased and paid for in accordance with the terms of the applicable license agreement.

In addition, the Company has been taking measures to reduce overall selling, general and administrative costs by taking advantage of operating efficiencies achieved as a result of advances in technology over last several months as well through the elimination of any redundancies which have been identified relating to the five acquisitions made over the past fifteen months.

"Readers are cautioned that the total remaining costs to bring a substantial number of the sold zones to live status over the next 12 months exceed the Company's current available cash resources. "

Continued operations are dependent upon the Company raising the necessary funds in the senior debt markets, subordinated debt markets and equity markets, and increasing sales and achieving profitability, but there is no assurance that this will occur.

"Accordingly, there is uncertainty regarding the Company's ability to continue as a going concern. " Source: Zaio / Yahoo

The Company continues to actively pursue all various financing alternatives available to it. Management also continues to explore opportunities to align with potential strategic partners in the valuation industry and will consider further acquisitions that allow us to penetrate our various markets sooner.

Click here to continue reading . . .

Press Release: Zaio Launches Propertywise Qualified Appraisal Program

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

Click here to continue reading . . .

Press Release: Veros Chooses Zaio as Preferred Appraiser

Press Release: DALLAS--(BUSINESS WIRE)--Scottsdale, Ariz.-based Zaio Inc., a real estate database and technology provider announced it has reached an agreement with Veros Real Estate Solutions through a strategic partnership to offer Zaio’s services nationwide. Under the partnership,

Veros will offer Zaio’s appraisal services to its customers, allowing access to valuation information of properties around the country through Zaio’s secure database. Veros’ rules based platform, VeroSELECT will also offer upgrades to appraisal products from Zaio.

As a Veros preferred appraiser, Zaio will develop an interface to Veros’ VeroSELECT, a collateral risk management platform. The system gives lenders control of collateral risk strategies with the secure selection, acceptance and management of services, vendors, users and their own business processes. The decision management platform provides access to a full range of collateral risk solutions, including AVM products, broker price opinions, and now appraisal solutions with Zaio, collateral fraud tools and hybrid products and services. Veros also provides users access to Zaio’s AVM, i-Val Report™.

“Being able to provide access to appraisal products will give our lender and investor customers the edge they need in this critical and challenging market,” said Darius Bozorgi, president and CEO of Veros. “Zaio’s services will go a long way in giving the industry what it needs to make more informed decisions with a full spectrum of valuation products.”

Click here to continue reading . . .

Zaio Letter to Andrew Cuomo Applauds "Breakthrough agreement with FNMA, Freddie, and OFHEO"

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."

Related Articles:

Mark R. Chapin appointed Zaio Vice President, Zone Sales