LENDING CREDIBILITY

Zaio attracts interest from banks and credit unions

Zaio intends to become the provider of choice for photographic and valuation data in all major markets in the United States. With development in progress in over 170 centers, we are well on our way to achieving the critical mass that will attract the use of national lenders. Regionally, acceptance is already widespread. Response in Zaio’s Spokane test market, operational for over a year, is a testament to market support and success.

Spokane’s Gary Cantrell, Consumer Risk Manager for Farmer and Merchants Bank, compares Zaio with a previous system: “Before Zaio, we were using a drive-by product. It took about ten days to receive an appraisal or a full interior appraisal that would cost over $300. The Zaio product has given us the ability to immediately document the property value, thus allowing an almost immediate turnaround for equity lending.”

Todd Powell, President and CEO of Spokane Firefighters Credit Union, is equally positive in his assessment. “When a borrower is unsure of their property value,” says Powell, “the Zaio system allows us to confirm a value range prior to ordering a full interior appraisal. We have used this on many occasions and found it to be a valuable tool that can save our members money when the value isn’t what they’d hope for.”

“We also really appreciate the more robust detail of the Zaio report compared to an Automated Valuation Model (AVM),” adds Cantrell. “Our regulatory burden to evaluate and document property values is ever increasing. Zaio helps us to exceed regulatory requirements by giving us the ability to use an appraisal when most lenders are using an AVM.”

Dee Dee Williams, AVP/HLC Operations Manager, Panhandle State Bank, concurs, “the (Zaio) system removes the risk of fraud, as the system is generating a value based on information that is constantly updated. This takes a layer of risk out of the mortgage process.”

Because every Zaio appraisal is completed in advance without any bias, information is available to customers instantaneously. Zaio offers a product superior to a typical AVM but at a more reasonable cost than a traditional analysis.

Perhaps Cantrell sums it up best: “We are sold on the Zaio solution.”

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