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Appraisal.com Announces Availability of the Appraisal.com Nationwide Appraisal Network Through Ellie Mae's ePASS Business Center

Online appraisal management system to be directly available to Genesis 2000 and Contour Software users

August 28, 2001

Appraisal.com, Inc., the leading provider of appraisal and real estate-related tools, software and infrastructure to the appraisal community, announced today the formation of a strategic alliance with Ellie Mae(SM), Inc., a provider of Internet solutions for the mortgage brokerage community.

Under this alliance, Genesis 2000 and Contour Software users will have a direct Internet connection to Appraisal.com's Nationwide Appraisal Network(TM), an online, national appraisal ordering, delivery and management solution. Genesis and Contour users can access Appraisal.com's network through their ePASS (electronic Processing And Submission System) Business Center, accessible from within their loan origination software (LOS). The ePASS Business Center is a B2B e-commerce platform that unites brokers with service providers and participating wholesale lenders through the Internet.

Through the ePASS Business Center, brokers will be able to access the Appraisal.com Nationwide Appraisal Network's extensive nationwide database of appraisers and select appraisers based on different criteria including geographic coverage, approved lenders and lead-time. Once an appraiser has been selected, brokers will have the capability to track each step of the appraisal process through the network and view pertinent appraisal documents online.

To date, approximately 8,000 appraisers are registered with the Appraisal.com Nationwide Appraisal Network, a factor that led to Ellie Mae's interest in forming an alliance with Appraisal.com. "Our ePASS Business Center has been specifically designed to streamline the processes involved in closing on a new home," said Fred Myer, executive vice president of settlement services for Ellie Mae. "Working with Appraisal.com fits into our model because their system offers our customers more choice through a very large network of participating appraisers as well as user-friendly functionality."

The Appraisal.com Nationwide Appraisal Network enables lenders to move the entire appraisal process online by providing them with an end-to-end solution for collateral management and the creation, delivery and use of real estate appraisals over the Internet. This results in increased efficiency and reduced costs for lenders through the elimination of the paper trail, confusion and shipping costs associated with the traditional appraisal process.

The latest version of the Appraisal.com Nationwide Appraisal Network also includes a unique Third Party Pay feature that completely extricates lenders and brokers from the appraisal payment process. With Third Party Pay, Appraisal.com handles the payment process rather than the broker, thereby diffusing any problems between parties if the appraisal comes in lower than anticipated.

"Until very recently, the appraisal process has been an arduous one for all parties involved, but particularly mortgage brokers," said Mark Yellen, president and CEO of Appraisal.com. "The Appraisal.com Nationwide Appraisal Network is designed to completely automate the entire appraisal process and provide a channel for appraisers and lenders to more effectively link, communicate and complete. To that end, Ellie Mae's ePASS Business Center is a perfect complement for our network because, like Appraisal.com, Ellie Mae is an industry leader in providing technology and services to improve the entire home buying process."

About Ellie Mae
Ellie Mae, Inc., headquartered in Pleasanton, California, is the leading Internet enabler for the mortgage brokerage industry and the largest Loan Origination Software (LOS) provider in the United States. Offering brokers the ePASS Business Center (electronic Processing And Submission System), a B2B e-commerce platform, as well as customized Web sites, hosting services, and LOS packages, Ellie Mae enables mortgage originators to harness the power of the Internet, giving them a competitive advantage in the fast changing residential mortgage arena. For additional information, visit www.elliemae.com or call (877) 355-4362.

About Genesis 2000(R)
Genesis 2000, a wholly owned subsidiary of Ellie Mae(SM), provides mortgage originators with affordable, easy-to-use loan origination software, helping them to increase workflow and automate the origination process. Founded in 1986, Genesis 2000 has over 6,700 active installations. Genesis 2000 products are being used by over 48,000 individual mortgage brokers, mortgage bankers, banks, credit unions and savings institutions nationwide. For more information about Genesis 2000 or any of its products, visit www.genesis2000.com or call (800) 882-0504.

About Contour Software
Contour Software, an Ellie Mae subsidiary, provides large mortgage originators with sophisticated, customizable front-end to back-end loan origination software. Contour Software is modular so customers have the ability to adapt their system as their individual needs change. With a customer base of 40,000 active seat licenses, Contour has the most electronic commerce connections in the industry. For more information about the Contour product line, visit www.contoursoft.com or call (800) 266-6787.

About Appraisal.com
Founded in 1997 and headquartered in Buffalo, NY, Appraisal.com is the leading provider of appraisal and real estate-related tools, software and infrastructure for the appraisal community. Through the Appraisal.com Nationwide Appraisal Network(TM), Appraisal.com provides the appraisal community with an end-to-end solution for collateral management and the creation, delivery and use of appraisals via the Internet. The Appraisal.com Nationwide Appraisal Network exists as a unique model for the appraisal industry as it allows banks and other lenders to move the entire real estate appraisal process online, resulting in lower fees and increased efficiency through the automation of the appraisal process.

For additional information about Appraisal.com, write: Appraisal.com, 334 Harris Hill Road, Buffalo, NY, 14221, or visit the company's Web site at www.appraisal.com.

For Appraisal.com
Mr. Blair Logan
For Ellie Mae
Ms. Allison Smith
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