From the Wires
Teranet and Nationwide Appraisal Services announce partnership creating efficiencies in the appraisal and mortgage approval process
Nov. 22, 2012 01:44 PM
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
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
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
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
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.
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
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