TORONTO, Dec. 7 2006 — Solidifi Inc. and PMI Mortgage Insurance Company Canada, the subsidiary of The PMI Group, Inc. (NYSE: PMI) that, subject to regulatory approval, will soon offer mortgage insurance in Canada, announced today they have signed a Letter of Intent to develop customized real estate valuation software to be used by PMI Canada.
Subject to the conclusion of a contract, PMI Canada will engage Solidifi to provide collateral assessment analytics software and services to improve the efficiency and effectiveness of its valuation tools in the marketplace. These services will assist PMI Canada in providing rapid response to mortgage insurance requests from Canadian lending institutions.
“PMI has a long and successful history in providing innovative mortgage insurance solutions globally. Solidifi’s collateral assessment solution is a key element in our growing operations capabilities and will support our commitment to bring more choices to Canadian customers,” said Janet Martin, Managing Director, PMI Canada.
“Solidifi has assembled a dynamic team of individuals with exceptional global and Canadian experience in automating real estate valuations including traditional appraisals and automated valuation models,” said Jason Smith, President & Chief Executive Officer, Solidifi. “We are proud to have a global leader such as PMI as a key collateral assessment solution customer.”
Solidifi’s platform, Solidifi Values(TM), provides mortgage lenders and insurers with a platform that automates the complex appraisal ordering and management process, provides access to automated valuation models, and facilitates the processing of data analytics.
In May, PMI announced it had filed an application with the Office of the Superintendent of Financial Institutions to write mortgage insurance in Canada. It is currently building its Canadian team and recently named the Board of Directors of PMI Canada.
About The PMI Group, Inc.
The PMI Group, Inc., headquartered in Walnut Creek, CA, provides innovative credit, capital, and risk transfer solutions that expand homeownership and fund essential services for our customers and the communities they serve around the world. Through its wholly and partially owned subsidiaries, PMI offers residential mortgage insurance and credit enhancement products, financial guaranty insurance, and financial guaranty reinsurance. PMI has operations in Asia, Australia and New Zealand, Europe, and the United States. For more information: www.pmigroup.com.
Solidifi is a Canadian owned company that delivers technology-based solutions to the North American mortgage industry. Solidifi focuses on providing customers with dynamic solutions that significantly reduce the time and cost involved in mortgage lending and insuring activities. With national appraisal firm coverage and a growing broker, lender, and insurer population, Solidifi Values(TM) is the premiere platform for obtaining real estate valuations. For more information, or to register, go to www.solidifi.com.