Real estate valuation company eAppraiseIT has acquired Network Appraisal Services of Kalamazoo, Mich., the company said in an announcement today.
Terms of the transaction were not disclosed.
NAS manages appraiser networks for national and regional lenders and develops online services and products that help lenders systematically comply with requirements mandated by the Office of the Comptroller of the Currency designed to prevent directed appraisals.
“NAS expands the range of services that we are able to deliver to the lending community,” said Anthony Merlo, president of eAppraiseIT. “It allows us to better serve retail-focused lenders who maintain their own networks of appraisers, and it will also help our other clients implement safeguards that help remove bias from the appraiser selection process.”
The NAS management team will remain with the company, which will continue to operate under the Network Appraisal Services name as independent subsidiary of eAppraiseIT.
“Under the direction of Brian Hartman and Morgan Hartsig, NAS has successfully proven and grown its appraiser network concept,” said Merlo. “Together, we will expand the services that NAS is delivering to its clients and offer its technology and expertise to our client base. eAppraiseIT will continue to look for unique strategic acquisition opportunities like NAS that help us meet changing needs of our clients.”
EAppraiseIT offers a line of products in the valuation industry, including EagleCert, the industry’s first insured valuation product; VeriCert, a collateral risk determination tool for wholesale lenders and purchasers; RAVe, a progressive valuation product designed for equity, default, review and niche channels; and a full suite of automated valuation models.
The company is a joint venture between The First American Corp. and LandAmerica Financial Group and is managed and majority owned by First American.
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