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Bluebook International Announces InsureBASE for Lenders.

Accurate Automated Hazard Insurance Validation Tool Aids Lenders with Due Diligence, Collateral Risk & Compliance

LAKE FOREST, Calif. -- Bluebook International, Inc., a leading provider of residential cost data solutions, announced today the launch of its first-to-market Web based hazard insurance risk tool for the Mortgage Industry called InsureBASE Residential.

InsureBASE Residential solves for current due diligence and compliance issues surrounding the sufficiency of hazard insurance coverage at origination and throughout the life of the loan. It quickly and accurately provides the end user with replacement cost validations via the Web or XML integration eliminating costly delays.

Bluebook's replacement cost calculations are based on 43 years of research and aggregation of replacement cost data throughout the continental United States, Puerto Rico and Hawaii.

"InsureBASE Web and XML solutions are now being utilized by the mortgage industry," said Silvia San Nicolas, Chief Corporate Strategist and General Counsel for Bluebook International. "With the focus now on quality of underwriting and collateral risk mitigation, InsureBASE Residential provides a timely and cost-effective solution to meet investor hazard insurance sufficiency requirements. Utilization of the tool provides the user with the confidence that the underwriting guideline for Replacement Cost Coverage is an amount sufficient to rebuild the home in the event of loss is satisfied."

Noah Furie, Executive Vice President and Chief Operating Officer of Los Angeles based Budget Finance, reported, "We integrated with Bluebook's InsureBASE XML solution to solve our due diligence obligations for compliance with the hazard insurance coverage loan requirements. We utilize InsureBASE during the origination process to validate the hazard insurance binder to ensure that the amount of insurance meets the requirements of our investors. We also use InsureBASE on our loan portfolio to monitor that the sufficiency of coverage for each loan continues to comply with the ongoing loan requirements. Integration was easy, the calculations well supported, and our investors are happy."

Jerome Coonen, CEO of Xetus Corporation, said, "Offering our lender clients the ability to validate hazard insurance right from the XetusOne loan operating system platform is important to the mortgage finance transaction process. Originating lenders need tools like InsureBASE Residential to help them meet numerous compliance obligations when funding a loan, especially in this lending environment. Integrating Bluebook's InsureBASE Residential application to our loan operating system brings our clients the best cost data available at the click of a button."

Bluebook will be showcasing InsureBASE Residential at the upcoming MBA National Mortgage Technology Conference in Tampa, Florida March 25-28th, 2007.
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Publication:Business Wire
Date:Mar 23, 2007
Words:409
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