Teranet Enterprises Adds Reavs Automated Valuation Models to its
Roster of Services for the Financial Industry
May 12, 2005
Teranet Enterprises Inc. offers more to mortgage professionals with the acquisition of the Reavs automated valuation models and related decision support technology.
The combination of Reavs experience as the first AVM provider in Canada and Teranet's Purview™ Risk Management Service's extensive data assets will create a formidable tool for mortgage underwriters in Canada.
"Adding the capabilities of the Reavs AVM to our own set of tools means we can offer even more reliable, secure and comprehensive products and services to the financial community across the country," said Chris Valentine, Associate Director, eServices at Teranet.
With this acquisition, automated valuation services will be available for properties in Alberta, Manitoba, Ontario, Quebec and Halifax and plans for increased coverage are currently underway.
"This is a huge step towards the goal of bringing a national AVM to the Canadian marketplace," said Jim Cole who was President and CEO of Reavs up to the time of this transaction.
With the acquisition, Teranet now serves 43 Canadian lenders and insurance customers and will continue to provide a wide variety of valuation and risk management solutions to mortgage originators, lenders, insurers, appraisal management providers and title insurers. With the greatest geographic coverage of any AVM provider, clients can now access information on over 6 million properties across Canada.
Teranet is an established, financially stable e-services company with a history of applying innovative technology to meet its customers' needs. The addition of the highly customizable valuation models from Reavs means that more lenders, whether big or small, will be able to find the information they need.
Teranet is committed to continuing its outstanding customer service and innovative solutions and this acquisition will only enhance its ability to meet the needs of every customer.
Teranet Enterprises Inc. provides business-to-business and business-to-government e-service solutions. With a unique combination of capabilities and state-of-the-art systems, Teranet is at the forefront of enabling electronic government service delivery as well as delivering service potential in the land, legal and financial service industries.
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For more information please contact:
Chris Valentine
Associate Director, eServices
Teranet
(416) 643-1028
