Primis Launches Industry's First Panel Manager Service

Primis Inc, a leading Web-based provider of property information services, announced the industry's first electronic solution for improving how mortgage lenders secure property appraisals during the mortgage process. Panel Manager lowers loan origination costs and streamlines the process for securing appraisal services. Primis will also provide optional database services for collecting and managing client-specific property information obtained through traditional appraisal products.

Primis is the only company to combine electronic access to thousands of certified appraisers with the functional capabilities of maintaining a robust data warehouse of property information -- enabling a virtual marketplace for transacting business and lowering cost for lenders, appraisers and ultimately consumers.

With a database of over 50,000 professionals, Primis is utilizing an on-line directory www.e-appraiser.net to manage electronic links to lender-specific appraisers while maintaining electronic versions of appraiser certifications and credentials -- removing some of the inefficiencies in the mortgage supply chain. Panel Manager will allow lenders and independent brokers to query and locate qualified appraisers by zip code, county coverage, EDI capability, experience, and/or areas of expertise -- all with the click of a button.

In addition, Primis clients will now be able to capture critical data elements from appraisal reports and have immediate access to the data via the Web. Through its network of offices, Primis has been collecting current and five- year historical data from appraisals the company produces in over 61 of the hottest housing markets across the country. Primis maintains one of the largest data warehouses of validated property information utilizing enhanced record structures and industry standard formats.

"Built on an Internet enabled Oracle database, the company has one of the largest, geographically dispersed databases of geocoded property information systematically collected through the operation of the business," said Chris Foretich, Primis chief information officer. "As a result, Primis is the natural choice for outsourcing the building and maintenance of such databases for lenders."

Lenders typically require various types of appraisals, or estimates of property values performed by certified professionals for most lending decisions where a home is being used as collateral for a loan. As a result lenders are bombarded with paper-based reports that contain detail-rich information about the home.

"Primis will use its existing database and enhanced record structure to capture electronic data elements from appraisal reports and segment this information into secure usable formats for lenders," continued Foretich. "Using an open architecture with flexible download and Web options we can provide useful information directly back to the desktop of both lenders and appraisers."

"Primis has developed scalable technology that can be leveraged to benefit the entire mortgage industry," said Jim Schaper, Primis chairman and CEO. "Our intent is to use both our database experience and appraiser technology investments to help the industry achieve efficiencies and improve the overall customer experience."

"Through e-appraiser and our Panel Manager service, we can help small appraisal firms stay current with technology and continue to service their markets in a way that will meet their clients' current and future needs," added Schaper.

Primis' Panel Manager service is the industry's first online resource to help lenders manage and effectively utilize the vast pool of appraisers they have at their disposal. Typically, a lender has to search through multiple appraisal organization directories, and even the Yellow Pages, to locate an appraiser.

"This paper-based process is frustrating, time consuming and costly to everyone," said Schaper. "We're using technology to do the work of aggregating, managing and updating appraiser records -- including the maintenance of specific fee panel directories for financial institutions."

Primis www.primis.com is a Web-based provider of property information services and data including commercial and residential appraisals, home inspections, title services, flood determinations, energy audits and other related property information services. With plans to have offices in the top 100 real estate markets, Primis currently has company-owned offices in over 60 markets and serves over 3,500 clients including 34 of the top 50 mortgage lenders in the U.S.

Contact Beau Willis of Primis Inc, 770-777-8644, bwillis@primis.com