LandSafe Expands Home Appraisal Product Line With New ValueGrid(TM) Introduction

August 21, 2002

PLANO, Texas, /PRNewswire/ -- LandSafe, Inc., a premier national provider of real estate information and closing services, today announced the introduction of ValueGrid(TM), a new valuation product for home mortgage lenders that provides more reliable estimates of market value in more locations than automated valuation models (AVMs), but requires less cost and time than traditional appraisals. The new product further expands LandSafe's line of appraisal products to more than 20, ranging from AVMs and Appraiser Price Opinions to full Uniform Residential Appraisal Reports (Form 1004).

ValueGrid reports are prepared by a licensed professional appraiser, so they are more comprehensive than an Automated Valuation Model report, while requiring less preparation time than a traditional appraisal. The report compares three sales to the subject property using certain comparative data (e.g., distance between properties, square footage, number of bedrooms and bathrooms, sales price) that is critical in estimating market value of a property. However, the ValueGrid form requires no inspection or photographs of the subject or comparable properties.

"ValueGrid leverages the speed of the Internet and the expertise of the appraisers in our fee panel," said Greg Dennis, president and chief operating officer of LandSafe Appraisal Services, Inc. "The appraiser estimates value by accessing and completing an online form, and then transmits it directly into our unified ordering system, providing unprecedented turn-time speed."

Michael Faine, managing director, president and chief operating officer of LandSafe, Inc., said ValueGrid is a natural extension of LandSafe's focus on innovative technology. "We're constantly striving to give lenders more flexibility, speed and efficiency in the home mortgage industry," he said. "With products such as ValueGrid, we can also share new applications of our technologies with our business partners, the LandSafe appraisers nationwide."

Source: LandSafe, Inc.

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North American Title Insurance Company (NATIC) is a seasoned title insurance underwriter, helping title agents to achieve their individual business goals for more than 50 years. Today, the company conducts real estate settlement services in 39 states and the District of Columbia through a network of experienced, independent agents.