Teranet releases PURVIEW™ RMS – a better choice in automated valuation and fraud detection tools

November, 2002 - For Immediate Release

Teranet Enterprises Inc. today announced the launch of Purview™ Risk Management Services (RMS) a new suite of risk-management tools designed to help our customers lower the risk associated with mortgage and real estate transactions. Purview RMS is an online, web-based automated valuation and fraud detection service that offers risk and credit managers powerful resources and applications. This new suite of products is designed for Canadian financial institutions, mortgage lenders, title or mortgage insurers and other real estate professionals.

“Purview RMS is an exciting complement to our existing product line,” said Aris Kaplanis, President and CEO of Teranet. “This suite of products provides mortgage lenders with the tools they need to make informed decisions quicker, easier, and at a lower cost than before. Through the provision of an online view to the valuation and legal status of a parcel of land, it’s a tool that will really provide a competitive edge.”

Purview RMS is unlike any other tool on the market. By linking recent property ownership information with mortgage information, Purview RMS provides customers with a combined automated valuation model (AVM) and fraud check report that is responsive to changing market conditions. To complete the suite, a monitoring service is offered. Combined, these services offer a robust tool for mortgage and real estate risk management.

The Purview RMS Suite includes:

Purview AVM which generates a value for a property for a specific time. AVM uses the information from over 3.5 million properties to create a timely valuation for mortgage lenders.

Purview Fraud Checks which looks for patterns of title or value fraud on a specified property and provides users with a fraud check grade that indicates the level of risk associated with each property.

Purview Notification Services that detects and notifies users of registration activities on properties they have specified. Users can specify the amount of time a property is monitored as well as the types of registration activities to be monitored.

With the continued rise of property-related crime (CIMBL estimated that the total cost to the industry, including both conventional and insured loans was $150 - $300 million in 2001 – double what the exposure was in 1999 and 2000), the Purview RMS suite of tools offers business the information it needs.

Purview RMS is currently available in Ontario and plans are underway to offer the service in Alberta, Manitoba and eventually across Canada.

Teranet develops business-to-government (B2G) and business-to-business (B2B) e-service solutions that enable organizations to greatly enhance the services they provide to their customers. With a unique combination of capabilities and state-of-the-art systems, Teranet is at the forefront of delivering service potential in the land, legal, and financial services industries as well as enabling electronic government service delivery. Teranet Enterprises Inc. is a wholly owned subsidiary of Teranet Inc.

For more information contact:

Bonnie Foster
V.P. Corporate Communications
Teranet Inc.
bonnie.foster@teranet.ca
416-643-1095