JACKSONVILLE, FL – September 25, 2008 – Real estate imaging innovator Visre, Inc. (Viz▪Ree) said today that interest in its address authenticated street level parcel imaging technologies has increased dramatically as turmoil in the mortgage markets has spurred calls for reform. As Wall Street braces for a government enforced asset management transformation reminiscent of the Resolution Trust Corporation (RTC) liquidation of real estate assets and mortgage loans between 1989 and 1995, president Billy Meadow sees an opportunity for Visre to play a significant role in the re-appraisal of millions of properties at or near foreclosure; and, in devising new image enhanced standards that will help strengthen the integrity and accuracy of loan valuations.

“Buyers of distressed mortgage loan portfolios need to be able to see beyond the report,” commented Meadow. “Lenders are recognizing that our auditable parcel imagery and street level neighborhood visuals raise the bar, strengthening written property valuations that the industry depends on in providing services, assessing risk, approving loan applications and eliminating fraud.”

Deployed nationally in hard hit cities including Las Vegas, Detroit, Cleveland, New Orleans, Miami and Orlando, Visre vehicle mounted camera arrays are rapidly capturing parcel photos and street level video that can add needed weight in substantiating the bulk reappraisals of loan portfolios held by lenders, guarantors and regulators.

“Values of properties have changed dramatically and in unpredictable ways,” declared Meadow. “Visre is integrating imagery and video links to written appraisals that can transport a desk review or audit to literally “see” a distressed property online for a first-hand visual analysis of the asset within its neighborhood confines to corroborate – or challenge – an appraisal.  That level of access reduces lender risk in accepting the valuation.”

Meadow cited that Visre’s rapid imaging and delivery capabilities are a primary draw for the mortgage markets.  “Mortgage paper has been passed between banks so many times that real property values are largely unknown. Millions of loans in this country require an immediate reassessment to provide distressed asset buyers the true values they need to know before moving forward. Within a valuation report, clickable hot links to authenticated Visre Video DriveBy™ imagery can visually familiarize buyers with any distressed property in inventory.”

Visre equipped vehicles imaging 4,000 parcels a day can rapidly capture large county areas.  The 8-camera system returns multiple photos of every parcel, from the initial approach to the direct pass and departure angles of view. Visre first authenticates each high resolution image as it is captured, imprinting the exact date, time and LAT/LON coordinates of the properties in view, which are later matched in processing to county parcel address data.

Flexible scheduling accommodates both initial capture and periodic follow-up passes to refresh the imagery.  “We’re client-centric,” explained Meadow. “We image as clients require and can re-drive neighborhoods as needed to keep our visuals up to date and more factually accurate.” Wireless Internet connectivity to the vehicles allows Visre to schedule fleet assignments and direct drivers as needed to new subject imaging requests.

Visre’s growing global image library of high resolution parcel photos, panoramic views and street level video serves target markets that include mortgage lending, county tax assessments, property insurance, and both broker and MLS based real estate sales.  With respect for privacy concerns, the imagery is not publicly accessible.

Summing up the company’s vitality, Meadow added, “There’s a lot of business. Whether due to the mortgage markets, county assessment projects or hurricane claims, we’re seeing tremendous activity and interest in our address authenticated imagery.  We’re ready to roll and the team is happy to answer all new inquiries regarding imagery availability or our Territory Unit Licensing Program.".”

About Visre, Inc.
Visre (Viz▪ree) is an innovator of date/time stamped and address authenticated street level imagery of residential and commercial properties. Visre provides its image capture, processing, hosting and delivery products and services to business and government clients in the visual formats and at the price points required to generate value. Whether accessed manually online or through a rapidly integrated API delivering the imagery through automation to existing website frameworks or production systems, the markets for Visre location based visualizations include real estate sales, appraisal, mortgage lending, insurance and county parcel assessments. To find out more about how Visre imagery can meet the needs of your market space, visit Visre’s web site at: www.visre.com.

To request additional information, please contact:

Paul R. Bell
Vice President, Marketing
Visre, Inc.
(904) 680-9715, x301
(800) 936-2159
paul.bell@visre.com
www.visre.com

INTERVIEW BETWEEN APPRAISAL BUZZ AND BILLY MEADOW, PRESIDENT AND FOUNDER OF VISRE (VIZ REE)

BUZZ:  It sounds like business is picking up, Billy.

BILLY:  It most definitely is. 2008 has seen Visre driving dozens of cities and suburban areas. We’ve been  active in imaging for county government tax reassessment projects in Louisiana and Georgia . I’ve had recent meetings with state insurance regulators about imaging rapid response capabilities following natural disasters. We’re in the midst of collaboration with FNC and JVI to build new image enhanced appraisal products. We’re chasing down bulk portfolio imaging tied in to calls for new valuations of sub-prime mortgage loans; and, to help us get there, we’re continuing to grow our stable of appraiser territory imaging partners on a monthly basis.

BUZZ: Since that’s our audience, let’s start there. You’ve been licensing your technology to appraisers who then drive their areas with your vehicle mounted camera system. In return, they are paid an hourly rate to drive, they enjoy free use of the imagery they generate for their own appraisals, and they share revenues generated from appraisal imagery sales. How’s that been working out?

BILLY: Very well. We started that program in the winter of 2008 and it has been teaching us a lot. Our very first partner is covering over 18,000 miles in the Cleveland area. Las Vegas is just getting started. We have a partner in Houston right now capturing footage of the damage done by Hurricane Ike. We’ve just signed on several new partners in Florida.

BUZZ: And the appraisers are doing the actual imaging?

BILLY: Each has their own way of doing it. Some are sharing driving chores among their staffs. Others are utilizing a full-time contractor. But, as I said, we’re learning a lot. Based on our initial partners feedback, we have revised our licensing model to accommodate those appraisers who are interested in licensing a territory but who want Visre to manage the driving chores. Many appraisers want to drive and be an active participant in our imaging efforts; but, for those whose interest is focused solely to licensing their territory, we wanted to offer an alternative.

BUZZ:  And a territory is the same as a county?

BILLY: Generally speaking, yes; and, territories are broken down into units. A small county may be a single territory unit, while a large county may have several. An appraiser could license an entire county and all corresponding units, or just some of the units corresponding to their immediate working territory; in some cases, 2 or more appraisers agree to pool their resources to license the entire territory together.

BUZZ: Do appraisers licensing multiple units receive additional benefits?

BILLY: Yes! We have 3 levels of licensing that are based on the number of units held: Territory (1-3); VIP (4-9); and, National (10+). As your level climbs, so too does your formula and fees paid to you by Visre for referring new territory unit licensees or bringing qualified image sale leads to us.

BUZZ:  Is there a parting message you would like to get out there to our appraisers?

BILLY:   Yes! Talk to us. Visit our web site at www.visre.com. Find out more about becoming a Visre imaging partner. I cannot stress enough that as an imaging company, we’re not a competitor. We want to partner with appraisers who can help us in covering the country and who will share in the revenues to be earned as we take our patented Video DriveBy image library to lenders, REALTORs®, MLS boards, county tax assessors and others. We believe that our authenticated imaging evolves appraisals and will reduce risk to the mortgage markets as the industry transforms. It brings tremendous opportunity to us that appraisers can be a part of.

BUZZ:   Let’s cover another BUZZ constituency. What message would you want to send to our Chief Appraisers representing some of the country’s major lending institutions?

BILLY: Visre stands ready to image bulk appraisal portfolios county by county. We’re fast, we produce a lot of quality photos, and we can show you the surrounding neighborhood as well as the home. Each image is authenticated. We can drive to you priorities and re-drive as necessary. Our model can work down to the individual subject when current imagery is required.
Our partners, FNC and JVI, are assisting us in developing new appraisal reporting instruments that will integrate our imagery.  As the largest REO appraisal firm in the U.S., Just Valuations, Inc. (JVI) has appraisers in every state who are ready to reassess value and incorporate our imagery into their appraisals. Together, we can handle any lender’s distressed portfolio valuation requirements at tremendously low per parcel costs.

BUZZ:   Is Visre going to be with us at Valuation 2008?

BILLY: :  Yes! We’re looking forward to attending Valuation 2008. I hope to be meeting personally as I did last year with many of the chief appraisers who will be there for the CRN sessions. We’ll also be looking forward to meeting with any appraisal firms wanting to know more about our territory unit licensing program partnerships. Those interested in getting together at the show should call me directly at 904-680-9718; or, send me an email at billy.meadow@visre.com