iLOOKABOUT Corp.
TSX VENTURE : ILA

iLOOKABOUT Corp.

April 06, 2011 09:02 ET

Syndicate Mortgages Integrates iLOOKABOUT's Visual AVM Into the Lender Matrix

LONDON, ONTARIO--(Marketwire - April 6, 2011) - iLOOKABOUT Corp. (TSX VENTURE:ILA) ("iLOOKABOUT" or "the Company") today announced the integration between its Visual Automated Market Valuation solution and Syndicate Mortgages' Lender Matrix is now complete and being deployed to Syndicate's broker network of more than 100 members. The web service integration allows the complete network of Syndicate's brokers to access the suite of Visual AVM reports without ever leaving the Lender Matrix site. iLOOKABOUT is distributing the Visual AVM product through the Company's GeoViewPort™ application. Financial terms of the agreement were not disclosed.

Having partnered with the Industry's leading AVM supplier to develop a unique visual valuation product which combines aerial and street level imagery with accurate geo-coding, the broker and lender industry now has the unique ability to visually validate the subject property in the context of images of neighbouring properties. Using an algorithm which looks for comparables based on like building attributes, instead of just recent sales in the neighbourhood, and then providing the front view of the structure, complete with a date stamp as to when the image was taken, accelerates the mortgage application approval process and avoids time consuming drive-by site visits.

"GeoViewPort™ has demonstrated the value it brings to the Mortgage Broker and Lender Market by becoming a reliable platform for visually reviewing neighbourhoods from the street level and generating AVMs from property characteristics that are updated weekly," stated Jeff Young, President and CEO of iLOOKABOUT. Mr. Young continued, "Adding geo-coded StreetScape imagery to an AVM report allows our clients to better evaluate the mortgage risk by providing visual confirmation to existing valuation data without leaving their office."

"Syndicate Mortgages is pleased to be an early adopter of this solution," stated Marcus Arkan, Principal Broker. "We pride ourselves on delivering the best tools available in the marketplace to help our Brokers be successful and iLOOKABOUT's Visual AVM will clearly help them accurately evaluate more deals more rapidly."

The iLOOKABOUT AVM Comparable Report was well received by the market at the Canadian Association of Accredited Mortgage Professionals conference in Montreal and will be shown at the IMBA Conference in Toronto later this month. Distributed through the Company's GeoViewPort™ application, the iLOOKABOUT AVM Comparable Report is supported transactionally by ecommerce and currently covers approximately 4.5 million residential properties in Ontario. The Company intends to expand this product to other parts of Canada as data sources are licensed.

About iLOOKABOUT

iLOOKABOUT is a visual and data intelligence company serving commercial enterprise in the real estate, insurance, municipal, utility, assessment and appraisal sectors in North America and Europe. iLOOKABOUT is a pioneer in visual data intelligence with its StreetScape and Virtual Tour products. StreetScape is a visual data intelligence product for the geo-spatial market, providing panoramic, comprehensive, street level perspective visual data, geo-coded with latitude and longitude coordinates for accuracy and supported by patented software processes and proprietary security and storage systems. Headquartered in London, Ontario, Canada, iLOOKABOUT's shares are traded on the TSX Venture Exchange under the symbol ILA.

About Syndicate Mortgages Inc.

Syndicate Mortgages Inc is a leading mortgage brokerage specializing in residential, commercial and construction financing. With access to a vast array of lending institutions across Canada such as major banks, credit unions, trust companies and private funds with over 70 lenders within its grasp, Syndicate Mortgages has the ability to find clients the best mortgage rates and products to suit their individual needs. Syndicate Mortgages is comprised of a network of individuals possessing expertise and knowledge in the constantly changing market enabling them to provide solid financial advice as well as a superior level of service.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information