CAAMP (formerly CIMBL) Endorses Expanded REDX Service

November 30, 2005

In November 2003 the Canadian Institute of Mortgage Brokers and Lenders (CIMBL), now the Canadian Association of Accredited Mortgage Professionals (CAAMP), publicly endorsed Teranet’s Real Estate Data Exchange (REDX) Public Service. The REDX Public Service provides subscribers with information about disciplinary, enforcement and certain legal actions taken by regulatory bodies and self-regulatory organizations that oversee professionals in the mortgage, real estate and financial services industries in Canada. This information is used by industry to help manage risk and prevent fraud.

REDX has now been expanded to allow subscribers to share non-public information contributed by REDX subscribers regarding incidents of alleged fraud and material misrepresentation. The REDX Non-Public Service provides a secure mechanism for industry professionals and organizations to exchange information so that protective measures can be taken to help increase the quality of mortgage loans and to reduce losses.

CIMBL is a strong advocate for fraud prevention and it endorses the addition of the non-public data to the REDX suite of services.

Teranet’s Real Estate Data Exchange Endorsed By
Canadian Institute of Mortgage Brokers and Lenders (CIMBL)

November 11, 2003

The Real Estate Data Exchange was endorsed today by the Canadian Institute of Mortgage Brokers and Lenders (CIMBL).

Until the introduction of Teranet’s Real Estate Data Exchange, there was no central index of key information on disciplinary, enforcement and certain legal actions taken by regulators that oversee the mortgage, real estate, legal and financial services industries. The Real Estate Data Exchange will make it easier for industry participants all across Canada to monitor the status of professionals in their supply chain.

“The Real Estate Data Exchange is a cost–effective way to help our members deal with the challenges of keeping abreast of both disciplinary activity by regulators and courts across the country and the resulting status of financial services professionals,” said Michael Beckette, President of CIMBL. “It offers fast, reliable access to information relevant to the financial industry.”

Subscribers to the service can easily access the index to public information to perform checks on individual professionals and companies with whom they currently or plan to do business. This will make it easier to perform the due diligence needed to reduce exposure to potential forms of fraud.

“Industry recognition speaks louder than our own words. That’s why we’re honoured that CIMBL has recognized the effectiveness of our solutions,” said Aris Kaplanis, Teranet President and CEO.

Teranet provides business-to-government and business-to-business e-service solutions. With a unique combination of capabilities and state-of-the-art systems, Teranet is at the forefront of delivering service potential in the land, legal, and financial services industries as well as enabling electronic government service delivery. Teranet Services Inc. is a wholly owned subsidiary of Teranet Inc.

The Canadian Institute of Mortgage Brokers and Lenders (CIMBL) is the national organization which represents the Canadian mortgage industry. Its membership is drawn from every province and from all sectors of the mortgage industry including mortgage brokers, mortgage lenders and mortgage insurers. This diversified membership enables CIMBL to bring together key players from all sectors with the aim of enhancing professionalism in Canada's mortgage industry through enforcement of a Code of Ethics, Best Practices, harmonized educational standards, fraud prevention, informative publications and improved public profile.

Mark Webb
VP, Education and Professional Affairs
CAAMP
416-385-2333 x 27

OR:

Nick Sarkovski
Financial Services
Teranet
416-643-1033