PRESS
EAPPRAISEIT SELECTS INSUREBASE™, A BLUEBOOK/FIRST AMERICAN
COST DATA SOLUTION FOR APPRAISERS AND LENDERS
—Accurate Cost Data Solution Provides eAppraiseIT Appraisers With a More Efficient Way to Perform the URAR and Lenders With Estimated Replacement Cost Values—
POWAY, Calif., Aug. 15, 2006 – eAppraiseIT, a leading provider of real estate valuation products and services, today announced its adoption of InsureBASE™, an online cost data tool designed especially for real estate appraisers, lenders and other real estate professionals. eAppraiseIT will now use the Appraiser Assisted Residential Cost Analysis Report (AARCA) and the Estimated Replacement Cost Report (ERC) for its residential URAR (Uniform Residential Appraisal Report or FNMA 1004) assignments.
AARCA helps appraisers efficiently generate accurate structural cost calculations required in the URAR when the cost approach is performed. The ERC provides the lender/client with a separate report on the insurable replacement costs of a residential structure.
“First American, in conjunction with Bluebook International, has brought a phenomenal tool to the appraisal community that saves the appraiser time and offers exceptionally accurate cost data for the appraiser’s URAR calculations,” said Anthony Merlo, president of eAppraiseIT. “We are pleased to announce the addition of the InsureBASE reports to the eAppraiseIT toolset for appraisers, as we expect it will greatly benefit both the appraisers and their lender/clients.”
Developed by Bluebook International, Inc., InsureBASE is an automated residential property information system designed to help the insurance and the banking industries mitigate the risks associated with determining and maintaining accurate replacement cost values for residential properties. In 2005, Bluebook announced a joint revenue and share agreement for InsureBASE with First American Real Estate Solutions (RES), the nation’s largest provider of advanced property and ownership information, analytics and services.
About eAppraiseIT
eAppraiseIT offers the most comprehensive and innovative line of products in the valuation industry, including EagleCert®, the industry’s first insured valuation solution; VeriCert, a collateral risk determination tool for wholesale lenders and purchasers; RAVe, a progressive valuation solution designed for equity, default, review and niche channels; and a full suite of industry-leading AVMs. A joint venture between The First American Corporation (NYSE: FAF) and LandAmerica Financial Group (NYSE: LFG), eAppraiseIT is managed and majority owned by First American. More information about eAppraiseIT and its appraisal products can be found on the Internet at www.eappraiseit.com.
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