RISMEDIA, April 1, 2008-Zaio Corporation and its Scottsdale, Arizona-based subsidiary Zaio Inc. announced the launch of the Propertywise Qualified Appraisal Program.
According to the company, 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 says the company 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.
The company says that 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.”
For more information, visit www.zaio.com.