Zaio disclosed it had retained Mr. Danny Wiley, former Chair of the Appraisal Standards Board (ASB) which is authorized by the United States Congress to establish official national appraisal regulations known as the "Uniform Standards of Professional Appraisal Practice" or (USPAP). These important appraisal standards were adopted as a result of a major mortgage crisis in the 1990’s and exist to ensure that appraisers observe strict standards during the development and reporting of appraisal results.

Mr. Wiley completed six years of service as a Member of the ASB including three years as Chair. Mr. Wiley is no longer affiliated with the ASB and his Zaio assessment was conducted in his capacity as an independent consultant.

The objective of Mr. Wiley’s assessment was to conduct an independent evaluation of the technology, processes, and appraisal report outputs to determine the overall USPAP compliance when Zaio technology is used by properly licensed and certified appraisers to develop and report appraisal results.

Since state licensed and certified real estate appraisers use Zaio patent-pending technology and proprietary business processes to develop and report appraisal results to clients, Zaio thought it would be prudent to obtain third-party verification of USPAP compliance.

Mr. Wiley stated: "After a thorough review conducted over the past several months, I confirm that, if used properly by the licensed appraiser, the work performed by the appraiser along with the information contained within the report will fully comply with all USPAP appraisal standards, including USPAP STANDARD 1 and STANDARD 2."

"Since Zaio appraisers inspect large volumes of homes, some have incorrectly assumed that that the reports should be classified as ‘Mass Appraisals’ and be governed under STANDARD 6 of USPAP. However, that is not correct. My evaluation concluded that the objective is for Zaio appraisers to arrive at a defensible, independently supported USPAP compliant appraisal for each individual property, rather than valuing an entire universe of properties, and thus STANDARD 6 does not apply."

Wiley added, "Some had questioned the ‘scope of work’ performed by a Zaio appraiser and the ‘intended use’ and ‘intended user’ of the Zaio reports, or were concerned because the inspection occurs prior to the transaction. In my opinion the Zaio process and resulting valuation products fully comply with the USPAP requirements for development and reporting of all of these items."

Thomas J Inserra, CEO of Zaio stated: "The favorable conclusions of this third-party review provides Lenders, Realtors, Loan Securitizers, Appraisers, and other clients with the confirmation they need that the appraisals produced by licensed appraisers using Zaio technology do fully comply with USPAP appraisal standards."

About Zaio

Zaio is the North American leader in developing and maintaining a site-verified database of photos, valuations and property information of virtually every property for entire cities, using a proprietary "GeoScore" property rating system. Zaio and its network of premiere, local appraiser experts photograph and appraise entire cities, one building at a time from the street.