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Basis100 Announces Enhancement to Automated Valuation Model (AVM), PASS For Multiple Transaction Detection

Basis100 first to integrate "flip detection" into AVM

TORONTO, Oct. 24 /PRNewswire/ - Basis100 Inc. (BAS: TSE), an e-commerce technology solutions provider for the financial services industry, today announced the company has leveraged its existing database to integrate a multiple transaction detector into the PASS suite of products. Multiple transaction detection will now be available to the 1,400 plus lenders already using the system. This enhancement will also help to facilitate Basis100's entry into the first mortgage market for its AVM.

``Flips'', the repeated resale of the same property in a short period of time, are used to defraud lenders by generating a value that is far greater than the market will bear. By integrating multiple transaction detection into all PASS products, Basis100 customers can be assured that the most accurate valuation is given at the time the PASS report is run.

Due to a recent rise in delinquency on home loans, up 2.9% in the second quarter this year according to the MBAA, enhancements that grant a lender a more detailed evaluation of collateral are of increasing importance.

``We approached Basis100 about incorporating 'flip detection' into the PASS suite of products because fraud and misleading appraisals have been a serious issue for lenders for years,'' said Rick Lieber, the chief credit officer for IndyMac Bank's Mortgage Banking Group. ``Granted, there are legitimate reasons for some properties to be resold in short periods of time, but by flagging properties that are frequently sold, the lender can determine if more investigation is required. The inclusion of this detection tool to the AVM increases our confidence in the AVM value which ultimately reassures us that the collateral value is sound.''

``It's important to listen to our customer's requirements and evolve our products around those issues,'' said Gary Bartholomew, Chairman and CEO for Basis100. ``We can greatly improve the functionality and acceptance of AVMs in the industry by following these cues given by the end-users, and this enhancement will assist in penetrating the first mortgage market in those institutions that may have been reticent to adopt until now.''

MortgageDaily.com
About IndyMac Bank
IndyMac Bank is a leading technology-based mortgage banker with proprietary, award-winning systems to facilitate, among other things, automated underwriting and risk-based pricing on a nationwide basis via the Web. IndyMac's mortgage banking group offers multi channel distribution of its mortgage products and services through a nationwide network of mortgage brokers, mortgage bankers and community financial institutions, in addition to programs offered directly to consumers and through Realtors and home builders. IndyMac Bank also provides community lending services through its limited Southern California branch system. For more information about IndyMac Bank, visit www.indymacbank.com.

About Basis100
Basis100 is a leading e-commerce technology solution provider for financial institutions and service providers enabling them to build, distribute, buy and sell their products and services in new ways. Basis100 is focused on the mortgage origination, consumer credit, fixed income trading, and service vendor markets across North America and internationally. For more information about Basis100, visit www.Basis100.com.

Forward-looking (safe harbor) statement
Statements made in this news release that relate to future plans, events or performances are forward-looking statements. Any statement containing words such as ``believes'', ``plans'', ``expects'' or ``intends'' and other statements which are not historical facts contained in this release are forward-looking, and these statements involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements.

SOURCE:
Basis100 Inc.
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