Company Partners with GMAC ResCap on New Technology Platform
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
through Zaio's new technology platform. Zaio will assign the order to an
independent, pre-screened appraiser. When the appraisal is returned to Zaio,
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.
"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.
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
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:
For further information: Thomas J. Inserra, CEO, (480) 575-5111; Don
Kelly, Chief Communications Officer, (202) 302-3870