Teranet Expands Purview™ Risk Management Service

November 22, 2004

Teranet is pleased to announce broader geographic coverage for automated property valuations within its Purview Risk Management Service (RMS). Data from Alberta and Manitoba now complement its Ontario coverage.

Property valuation data in these additional provinces is provided from current land registry and municipal assessment sources. Historical sales patterns, supplemented by recent market value assessment data from a specific neighbourhood, are used to calculate the property valuation in these provincial jurisdictions.

"Since the inception of Purview RMS in March 2001, our customers have requested access to broader market coverage for our popular Purview AVM products. With this enhancement to our web-based service, we are now providing coverage in key Canadian markets for the over 30 lenders and insurers using Purview RMS today," said Chris Valentine, business lead for Teranet's financial services practice group.

As the incidence of fraud in mortgage lending rises year over year, it has become even more important for lenders to arm themselves with data verification tools to mitigate misrepresentation on credit application forms.

"Using Purview AVM and fraud check, our lender and insurer customers can confidently validate customer representations or MLS listings prior to proceeding with a loan decision or further underwriting activities. This helps our clients serve their customers while minimizing processing costs and exposure to fraud," adds Chris Valentine.

Subscribers can access valuations directly from their desktop. Once logged on at www.purview.ca, they simply select the "National AVM" function for an immediate report. Reports quickly display a valuation summary with the estimated value and the last selling price of the property, 24 hours a day.

Teranet develops 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 delivering service potential in the land, legal and financial services industries as well as enabling electronic government service delivery.

For more information contact:

Chris Valentine
Business Lead, Financial Services
Teranet Inc.
416-643-1028