Zaio technology advances from developmental to operational stageMortgagePress.comZaio, appraisals, appraisal zones, James Kirchmeyer, property data
Zaio Corporation has announced its proprietary database
technology has advanced from the developmental to operational
stage. Zone appraisers in five separate counties have completed
site inspections and verified relevant property data in their
respective Zones, and have brought 12 Zones to "Live" status in
California, Arizona, and Washington. "Live" status means that
lenders are now able to obtain real-time appraisals in seconds
since the research and property inspection by local appraisers has
now been completed prior to the assignment.
This latest achievement positions Zaio to roll out its enhanced
platform on a national level.
"The entire Zaio team has an incredible sense of accomplishment
because lenders and appraisers know that bringing Zones to 'Live'
status is a critically important milestone," stated Thomas J.
Inserra, CEO. "Previously Zaio had brought Zones to live status in
two BETA cities to verify the proof of concept. Appraisers and
clients requested several enhancements during that phase, which
have now been addressed. Additionally, we have made a substantial
investment in the infrastructure necessary to support a highly
scalable roll-out to cities across America as part of our 'Go Live
2008' project."
"Zaio is well on its way to building the most comprehensive real
estate database in the country," stated James Kirchmeyer, chief
marketing officer. "The implementation of "Go Live" continues to
expand the company's services, providing a full range of products
which can be utilized to manage each lender's individual risk
profile."
Chas W. Leeper, SRA, a Zone appraiser from Southern California,
stated, "Being able to automatically download property data, county
records, photos, and maps into my appraisal is helping me evaluate
a greater amount of market data more efficiently than ever before.
I'm ready to provide a demo to my lender clients so they can see
the improved quality and increased amount of relevant 'real-time'
information necessary for rapidly changing markets."
"My clients are particularly interested in being able to close
loans more quickly without increasing their credit risk," stated
Michael Hartman, a Zone appraiser in Spokane Washington. "Lenders
prefer full appraisals completed by licensed appraisers over less
accurate computer generated valuations. Now, my clients can obtain
a more accurate and thorough appraisal, delivered just as quickly
as a computer model."
Earlier this year, Zaio announced "Go Live 2008", a program
developed to bring Zones to live status quickly and efficiently
throughout the country. Phase I was a concentrated focus on five
counties. Zaio is now expanding to a list of Phase II cities, as
well as working to bring the remainder of Zones to live status in
major cities throughout the country over the next several
quarters.
During the second quarter, the company sold 54 zones, bringing
the total Zones sold since inception to date to 1,773. Zaio has
completed the photography and data matching on more than 800 of
these zones, and has delivered them back to Zone owners for site
verification. Zaio remains focused on deploying the latest
technology to this inventory of Zones in order to bring them to
live status over the next several months.
"The downturn in the U.S. economy has resulted in a more
cautious Zone sale environment as appraisers want to see Zones
successfully brought to live status before committing to new Zone
purchases. As a result, Zone sales were lower than in recent
quarters," stated Keith Sawottke, CFO. "Now that we have achieved
"Go Live" status, most of the technology development is complete,
allowing Zaio to significantly reduce its go forward development
expenditures and operating costs."
Zaio also announces today that Donald R. Leitch has resigned as
a director of the company, effective July 7, 2008. Mr. Leitch will
continue to act as the corporate secretary of Zaio.
"We wish to thank Donald for his long standing service as a
director of Zaio," said George Reti, chairman of Zaio. "It is with
regret that Donald's time commitments to his law firm do not permit
him to continue to sit on the company's board, but are pleased that
he will be able to continue to provide his expertise and experience
as the corporate secretary of the company."
For more information, visit www.zaio.com.
