July 22, 2002
For Immediate Release

Bloomington, MN – a la mode, inc. and Value IT have begun beta testing the real estate industry’s newest Electronic Data Interchange (EDI) initiative, representing the next generation in appraisal ordering, management and delivery technology.  Based on universal XML standards established by the Mortgage Industry Standards Maintenance Organization (MISMO), this initiative will mark the first time that MISMO’s XML standard for appraisal data will be used in production.

This project represents a significant step forward in technology since XML (Extensible Markup Language) is more portable and accessible than past data standards such as X12 or CAFÉ, and the tools to use the data are more readily available. MISMO’s XML standard also offers a data set geared specifically to the mortgage industry, giving it an additional, unique advantage over past data standards.

“The development time for this project was extremely short, because most of the tools already existed in our Mercury product,” noted Gary Carter, Chief Technical Officer at a la mode. “What we have added to Mercury for Value IT’s destination plug-in are delivery tools for sending the appraisal report directly to Value IT’s servers and running a check against Value IT’s business rules, prior to delivery.” Carter added, “The check helps to ensure that the product the appraiser delivers adheres with lending guidelines and that it also meets Value IT’s requirements.”

Bryan Heger, Value IT Strategic Initiatives Manager stated, “Leveraging a la mode’s extensive technology expertise, Value IT will add and change business rules and re-route reports as needed in real-time.  Using Mercury, we control the workflow so granularly that if a new quality check is deployed or a certain type of report must be re-routed, Value IT’s administrative staff can make the change, and the very next report will be delivered properly, using the new rules.  We believe there are numerous benefits associated with allowing appraisers to choose the software of their choice.”

The Open Standards Pilot program is expected to last through August.  Since Value IT has underwritten the cost of Mercury for its appraisers, there will be no up-front cost to the individual appraiser.  The Mercury plug-in will run in tandem with Value IT’s existing proprietary ACI/Lighthouse delivery system.  Therefore, current ACI/Lighthouse appraisal users will not be required to change systems but will have an additional EDI delivery option.

About Value IT
Value IT is the largest Appraisal Management Company in the country, offering valuation products and services in all 50 states.  Value IT has in excess of 500 employees and has contractual relationships with 15,000+ appraisers across the nation.  Value IT was one of the pioneers of the EDI methodology, allowing for electronic transmission of the completed appraisal report.  Value IT is headquartered in Bloomington, MN.  More information on the company can be found on our Website at http://www.evalueit.com.

About a la mode
a la mode, inc. is the leader in the design, development and support of real estate related software, Internet solutions and electronic document technologies. The company's flagship product, WinTOTAL appraisal software, is used by over 50% of the nation's appraisers, nearly three times the share of its closest competitor.  Its e-commerce servers delivered over 4,500,000 electronic appraisals to lenders in the past 12 months, making it the undisputed leader in paperless real estate transactions.  Headquartered in Oklahoma City, a la mode employs over 150 people.  More information on the company can be found on the Web at http://www.alamode.com