CLEVELAND--(BUSINESS WIRE)--Accurate Group Holdings, Inc., a Cleveland-based, technology-enabled, outsource provider of real estate transaction services to mortgage lending and loan servicing clients, announced today it has closed on the acquisition of Preferred Appraisal, Inc., based in Northbrook, Illinois, for undisclosed terms. While Accurate successfully resold the Companies’ products for years, this deal provides Accurate ownership of the industry leading Desktop Appraisal Solutions known as ValueNet, ValueNet Plus and ValueNet Ex. As part of this strategic acquisition, Accurate expects to continue to actively promote the ValueNet brand, service levels, operations, and support existing ValueNet reseller’s throughout the country.
“Tom and I have guided the company through several periods of rapid growth since the inception of the ValueNet product line”
“We are thrilled to partner with Scott Waxman and Tom Beath, the founders of ValueNet, and their entire team as they have truly created the best appraiser driven desktop valuation product in the country. With their GROUNDWORK Division they have also built an efficient, low cost and genuinely differentiated approach to completing property inspections,” said the Company’s President and Chief Executive Officer, Paul Doman. “With this acquisition, I am confident that no other company in the industry can deliver a more robust valuation cascade using automation to promote high quality values and full compliance at the lowest possible cost based on risk, loan type or borrower characteristics. The combination of our proprietary title information products, along with ValueNet in a comprehensive valuation cascade, will also enhance our leadership in the Home Equity Industry. We are excited about how this investment will help us diversify our client-base, reseller relationships and further accelerate our growth.”
ValueNet is a USPAP compliant desktop appraisal prepared in partnership with licensed appraisers who use ValueNet’s proprietary software to generate the product. ValueNet also manages its’ GROUNDWORK Division to complete high volumes of property inspections each month using proprietary technology which includes a robust Smartphone application. Six of the nation’s top twenty banks, along with hundreds of other clients, use the products at high volumes to support and improve their home equity and default lending processes. ValueNet’s products are sold directly and through active resellers, including Accurate, appraisal management companies and settlement service providers. The ValueNet brand and product has enjoyed tremendous growth over the last three years as lenders have sought lower cost compliant alternatives to a full appraisal and moved away from the use of stand alone automated valuation models (AVMs) based on rules adopted by banking regulators.
“Tom and I have guided the company through several periods of rapid growth since the inception of the ValueNet product line,” said Scott Waxman, President of Preferred Appraisal, Inc. “It is important to us we experience additional significant growth while continuing to provide high levels of customer service. We are excited to become part of the Accurate Group of companies as we believe this will help us accomplish this goal. The Company stood out to us as a market leader given that they have solutions to address all of their clients’ needs across the lending and loan servicing spectrum, and we are looking forward to being a part of Accurate’s next phase of growth.”
Scott Waxman and Tom Beath, along with their entire team, will remain with ValueNet following the transaction and continue to provide great service to existing clients and resellers while maintaining the great relationships they have developed with appraisers throughout the country.
About Accurate Group Holdings, Inc.
The Accurate Group provides national real estate transaction services to the financial services industry with a focus on title insurance and searches, loan processing, appraisal and valuation services, and loan due diligence services. Accurate’s mission is to routinely solve client problems by creating efficiency, reducing risk, and cost through the entire real estate loan process. For more information, please visit www.accurategroup.com.
About ValueNet and Preferred Appraisal, Inc.
ValueNet is a product offering of Preferred Appraisal, Inc. ValueNet provides the highest level of service to deliver accurate, cost effective appraisals, evaluations and property condition reports to customers across the U.S. Our proprietary appraisal products are completed in a USPAP compliant process and meet the requirements of the Interagency Appraisal Guidelines (December 2010). ValueNet provides an array of alternative appraisal products to estimate the value of nearly every type of residential real estate. For more information, please visit www.valuenetweb.com.