This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Teranet And Nationwide Appraisal Services Announce Partnership Creating Efficiencies In The Appraisal And Mortgage Approval Process

TORONTO, Nov. 22, 2012 /CNW/ - Leading electronic land registration and online property search firm Teranet, and appraisal management company NAS (Nationwide Appraisal Services), today announced Canada's first partnership between a collateral risk management division  and an appraisal management company. The aim of this partnership is to save time, enhance due diligence and mitigate fraud for Canada's mortgage lenders, insurers, brokers and other real estate professionals.

"Our partnership will provide a much needed dimension to our current scope of valuation services," noted Craig Rowsell, Executive Vice President with NAS. "Importantly, we will deliver a fully integrated service that utilizes key data to enhance the valuation decision and delivery process allowing clients to better mitigate risk in a cost effective manner."

The partnership delivers a comprehensive, reliable and cost effective valuation process that not only helps financial institutions mitigate risk through a more efficient underwriting process, but can also support adherence to OSFI guidelines and enhanced risk management.   Specific client solutions will include:

  • Decision analytics to support collateral risk management and facilitate the mortgage process
  • Collateral and fraud related data to support client's collateral decision criteria
  • Risk management policy; and pre and post adjudication valuation tools.

"Heightened scrutiny by regulators, exacerbated by changes in the Canadian mortgage lending arena, requires an end-to-end solution," stated Eduardo Alzamora, Director, Financial Services, Teranet.  "Our partnership will deliver integrated options as well as new products to meet changing demands."

Through this partnership, Teranet and NAS will work together to develop new and enhance existing products and services that will now include the following:

Proprietary Property Report: This report will provide detailed residential property information including property description and image; value range and market shift; potential market and neighbourhood risks.

NAS Intelligent Valuation Portal ("IVP"): Teranet data will be used to enrich the NAS IVP decision tree which routes each deal request to the appropriate valuation product.

Teranet AVM Portfolio Update Service: Teranet and NAS will provide periodic property value updates to end users.  Users can now elect to receive updated property value information on the properties for which they request valuation services.

NAS ViewPoint Report: As part of the NAS ViewPoint Report, a subset of the Teranet data, such as appraised value and recent sale activity will be used to generate incremental flags shown on the report.

About Teranet: Teranet is an international leader in electronic land registration and is the exclusive provider of online property search and registration in Ontario. The company developed, owns and operates Ontario's Electronic Land Registration System (ELRS) which is the means by which ownership of real property and interests on title are searched, recorded and transferred in the Province. In addition to the company's services for the Province of Ontario, Teranet offers a complementary suite of innovative electronic solutions to a network of more than 80,000 end users, 42 real estate boards and over 250 municipalities and institutions in the legal, real estate, government and financial markets.

For more information about Teranet, visit www.teranet.ca.

About NAS (Nationwide Appraisal Services Inc.): NAS (Nationwide Appraisal Services) was established in 1996 as Canada's first Appraisal Management Company (AMC) and continues, through industry-leading technology and superior customer service to be the country's preferred source for real estate valuations. Since inception, NAS has been fulfilling full service, drive-by and desktop appraisals across Canada. NAS continues to develop new technology with a focus on innovation, efficiencies, quality customer service and enhanced risk management. NAS works with  Canada's most experienced and most trusted appraiser network. This, combined with superior technology and industry expertise allows users to seamlessly connect to collateral valuation services anywhere in Canada. NAS provides financial institutions, mortgage insurers and mortgage brokers a customizable, web-based appraisal management platform that offers fully automated appraisal solutions to create processes and cost efficiencies.  The NAS platform is utilized by over 50 different lenders and insurers including four of Canada's five major Banks.

For more information about NAS visit www.nas.com

SOURCE Teranet

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,232.02 -53.72 -0.29%
S&P 500 2,126.06 -4.76 -0.22%
NASDAQ 5,089.3620 -1.4320 -0.03%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs