AppraisalHub Acquires Mowery & Associates

South San Francisco, CA -- March 5, 2002 -- AppraisalHub announced today that it has merged with Mowery & Associates, a leading residential real estate appraisal management company, in an all stock transaction. The new company will be called AppraisalHub, and will serve all of California including the San Francisco Bay Area, the Central Valley, the Greater Los Angeles Area, Orange County, the Inland Empire, and San Diego.

In announcing the acquisition, James Sloate, AppraisalHubs CEO and Chief Appraiser, noted: The combination of AppraisalHub and Mowery & Associates creates the first fully Internet enabled appraisal management company serving all of California. The real estate secured loan business is increasingly moving on-line, and now, for the first time, mortgage brokers and real estate lenders have an on-line partner that can complete appraisals in every major California market."
Don Mowery has been in the appraisal business for 13 years servicing both the broker and lender communities. He will take the position of Chief Operations Officer in the combined company and brings with him a team of appraisers dedicated to the Los Angeles, San Fernando Valley, Orange County, Inland Empire, and San Diego markets. These resources compliment AppraisalHubs existing network of appraisers serving the San Francisco Bay Area and Sacramento communities.
Don commented: The merger with AppraisalHub instantly provides our customers and appraisers with state-of-the-art, on-line appraisal ordering, completion, and tracking tools. In addition, our customers now have one stop access to a team of appraisers that can handle any appraisal assignment between Oregon and Mexico."
In the near term, our mission is to make this merger as seamless as possible to our customers. The existing customer service organizations of both AppraisalHub and Don Mowery & Associates remain in place, and we are now adding the Internet based technologies of AppraisalHub to the Don Mowery service mix."
Effective immediately, appraisal orders for residential real estate throughout California can be placed at www.appraisalhub.com, by email orders@appraisalhub.com, or by faxing order forms to (650) 553-9281. We encourage Don Mowery & Associates customers to use on-line ordering because it provides greatly increased speed, security, and order tracking capabilities. The bottom line result is faster delivery of better quality appraisals. To set up on-line ordering, call Appraisalhub at (877) 332-5425.

About AppraisalHub
Headquartered in South San Francisco, AppraisalHub is the first complete on-line appraisal management company serving the entire California real estate market. The company was founded in 1998 by James Sloate, CEO, and Gannon Tidwell, Vice President of Sales. The company is venture backed by Barrington Partners, a leading early stage venture capital firm, whose real estate related investments include E-Loan (consumer lending) and zipRealty (real estate brokerage), along with BigSky Partners a San Francisco based Venture firm founded by Michael Schwab. AppraisalHub has invested heavily in computer systems, software, and business process improvements that significantly reduce the time for producing property appraisals while maintaining the highest quality levels in the end product. Unlike automated valuation approaches, AppraisalHub sends a trained appraiser to personally inspect every property. This results in an appraisal document that will fully satisfy the collateral assessment requirements of the secondary mortgage market.