An appraisal management company out of Canada has taken an interest in an AMC in the United States with plans for a major American expansion.
Nationwide Appraisal Services claims that it is the leading AMC in Canada, with more than 2.6 million appraisals produced in the country on $600 billion in properties.
NAS says that its lender clients benefit from its technology-based risk and data solutions and have access to more than 3,500 appraisers in its Canadian network.
In all, the Richmond Hill, Ontario-based company says that it operates in 17 countries including Mexico.
Now it plans an assault on the U.S. market.
On Wednesday, NAS announced that it has taken a majority interest in InHouse Inc. through a related party.
Ponte Vedra, Fla., InHouse was founded in 2002. It provides technology that enables lenders to utilize an unlimited number of AMCs and appraisal companies. It has managed nearly 3 million appraisals.
InHouse President and Chief Executive Officer Jennifer Creech explained in a telephone interview that with the acquisition, InHouse is expected to up its sales volume by five or six times.
However, the ramp up is expected to be achieved through improved technology versus additional staffing.
“The NAS appraisal management system, tools and data analytics combined with InHouse Connexions will form a new suite of products and services and will offer U.S. lenders the most robust solutions in the marketplace,” the announcement said.
Creech says she’ll stay on as CEO of InHouse, while NAS Founder and CEO Tom McCormick will become chairman.
InHouse will have company in being part of a cross-border appraisal operation.
Buffalo, N.Y.-based Solidifi operates in both the United States and Canada.
