Likely to Have a Dramatic Impact on the Lending Industry
SCOTTSDALE, AZ, March 3 /CNW/ - Zaio Corporation (TSX-V: ZAO) announced
today its support of a landmark agreement that is likely to have a dramatic
and positive impact on the mortgage lending industry.
Thomas Inserra, Zaio CEO, stated: "As a leading advocate for restoring
the independence of appraisers, Zaio applauds this agreement which will help
realign the way lenders engage appraisers. We congratulate the Attorney
General of New York for initiating this historic policy shift involving,
Fannie Mae, Freddie Mac and the Office of Federal Housing Enterprise Oversight
The details of the Agreement announced by those agencies today appears to
contain new proposed banking policies scheduled to take effect 01/01/2009,
- Prohibits "...any act or practice that impairs or attempts to impair
an appraiser's independence, objectivity, or impartiality" and
identifies at least 9 prohibited actions;
- Prevents the ordering of appraisals by third parties like mortgage
brokers and realtors unless obtained either directly by the lender or
third party management companies;
- Prohibits lenders from using internal staff appraisers, and appears
to require lenders and title insurance companies to divest their
- Lenders must certify, warrant and represent the appraisal report was
prepared in a manner consistent with a new Code of Conduct known as
the "Home Value Protection Program".
Zaio is believed to be among the very few corporations not having
affiliated business relationships with lenders or title insurance companies
and is thus already in compliance with the new policies. The Company has
recently built an "Appraisal Knowledge Warehouse(TM)" database containing
140 million property records, and Zaio affiliated appraisers are now
photographing, inspecting and appraising homes across America. Zaio's
independence, technology and database are starting to be viewed in the market
as competitive strengths.
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."
Details of the new policies and Agreement are contained on the Zaio
website www.zaio.com under the investor section.
Zaio is a technology and database company. Zaio maintains a secure
database of 140 million properties known as the national "Appraisal Knowledge
Warehouse(TM)" and is now site verifying and correcting 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".
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 which 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: For more company information, visit
www.zaio.com or please contact: Thomas Inserra, CEO, (480) 575-5111,
email@example.com; Rodney Mitton, CFO, (403) 830-9386, firstname.lastname@example.org; Don Kelly,
Chief Communications Officer, (202) 302-3870, email@example.com; For investors
who would like to be added to Zaio's investor distribution list please contact
Chris Gustafson at firstname.lastname@example.org