CALGARY, April 24, 2017 /CNW/ - Clarocity Corporation (TSXV: CLY) (the "Company" or "Clarocity") today announced a leading regional lender has selected MarketValue Pro (MVP) to value properties for equity loans.
"We're pleased to announce that another large regional bank has selected MVP as part of their valuation strategy," said Shane Copeland, CEO of Clarocity. "While the total volume opportunity is unspecified, this new contract will provide significant volume from over 150 branches throughout the U.S. Midwest. This latest announcement continues to prove that MVP is positioned for rapid adoption as a rapidly increasing number of lenders continue to shift towards reliable alternatives to traditional appraisals."
MVP is a proprietary alternative appraisal product powered by the Clarocity Technology Platform. MVP reports are designed to meet all the regulatory and compliance requirements of a traditional appraisal while leveraging automation, efficient workflow and reduced vendor costs to offer a highly effective next-generation appraisal report. MVP reduces client cost in time and money while providing valuation consistency.
"This client actually approached us after hearing about our product from other industry experts," said Ernie Durbin, Chief Valuation Officer, Clarocity Corporation. "MVP continues to develop a reputation as a credible and superior valuation solution for regional banks. Unlike mortgage lenders that focus mostly on first loan origination, regional banks need thousands of valuations annually to support their equity lending decisions. MVP is positioned perfectly because it allows lenders to maintain high-quality valuations while supporting lower loan amounts."
About Clarocity Corporation
Clarocity Corporation provides real estate valuation solutions and platform technologies designed to address today's dynamic housing market. Our innovative platform is driving the next-generation of valuation solutions such as MarketValue Pro (MVP) and BPOMerge and setting new standards in real estate valuation quality and reliability.
Every day GSE, banking, and investor clients rely on our proprietary solutions to value assets, fund loans, and securitize portfolios. As a fully integrated technology and valuation services company, Clarocity provides a full spectrum of appraisal and alternative valuation solutions. For more information, visit www.clarocity.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements which may include financial and business prospects, as well as statements regarding the Company's future plans, objectives or economic performance, financial outlook, the purchase price payable in respect of the Proposed Acquisition, the negotiation of a definitive agreement in respect of the Proposed Acquisition, the expected closing date of the Proposed Acquisition and the receipt of applicable regulatory approvals including TSX Venture Exchange approval. Such statements are subject to risk factors associated with the real estate industry, the overall economy in both Canada and the United States. The Company believes that the expectations reflected in this news 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.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act, and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act)
SOURCE Clarocity Corporation
For further information: For further information, visit www.clarocity.com or contact: Shane Copeland, CEO, Clarocity Corporation, 760-208-6460, [email protected]; Babak Pedram, Investor Relations, Virtus Advisory Group Inc., 416-644-5081, [email protected]