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."