Mr. Gary Yeoman reports
ILA SEES POSITIVE BUSINESS IMPACTS FROM A LOWER FED RATE
Outside of the effect COVID-19 is having on the general market, iLookabout Corp. is not aware of any material development that would cause movement in the company's share price over the last week. The Company also issued the following statement:
We believe the current macroeconomic and working environment factors are supportive of our business in a positive way. Low US mortgage interest rates will create a multi-year market opportunity for us and the requirement to be flexible and modern lends itself to our technology platform, allowing valuations to be completed leveraging our data and proprietary software. We are uniquely built to solve for the current health and social distancing reality and as a result will speed the adoption of our remote desktop review, where we are already a leader in the industry. Our modern methodologies have been utilized by lenders, government bodies and the largest loan servicers in the industry for nearly a decade. Our methods are proven and accepted as highly credible alternatives to traditional valuation. We have the ability to leverage a desktop appraisal with or without an exterior inspection that is paired with a homeowner/resident summary and photos to yield a highly credible bifurcated appraisal report. Should interior inspections become an issue, we have a solution and process that is reliable, allows an appraiser to be USPAP (Uniform Standards of Professional Appraisal Practice) compliant and solves for any potential inspection issues tied to social distancing. Our team has significant experience in modern, highly adaptive valuation and appraisal solutions that will allow lending and assessments bodies to continue with highly credible results.
Lending and property assessments should not stop. In addition to the chart, the Mortgage Bankers Association ("MBA") stated for the week of March 11th, there was a 55% increase in applications, 79% of that was driven by refinancing activity which we are exceptionally well positioned for. The MBA's new 2020 forecast is $1.2T in refinance volume, which would be a 37% increase year over year.
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Our operations team have fully rolled out our business continuity plan with our entire team working remotely in a safe, efficient and secure workspace. All systems are 100% operational and monitored remotely, with meetings being held daily in each functional department so we can continue to seamlessly serve all of our clients. We expect minimal operational disruption or issues and are able to maintain this remote work structure for the foreseeable future.
ILA is a transformational data analytics organization that provides transparency to the valuation of real estate assets. ILA is a real estate valuation platform with technologies that leverage the power of data designed to address today's dynamic real estate valuation market. Our proprietary innovative platform provides software and data licenses and technology managed services to the real estate industry, serving primarily the property lending and property tax sectors, both public and private, in the United States ("US") and Canada. Accurate data and property valuations form the basis for our clients to value assets, fund loans, securitize portfolios and to analyze and update property tax assessments. As a fully integrated valuation technology company, we are setting new standards in real estate valuation quality and reliability. ILA is a brand built on innovation, execution, accuracy, industry expertise and forward-looking products and services.
We seek Safe Harbor.
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