Mortgage Technology: PMI to Remarket CLM Technologies Tool That

field, announced a remarketing agreement to distribute and sublicense appraisal software from CLM Technologies Inc., San Diego. The software, called Reason, will evaluate real estate by comparing it with similar properties using information obtained from public data bases such as Dataquik and Transamerica Metroscan. Observers said the software can perform "objective" valuations within minutes. When combined with drive-by inspections, the software "could well represent the future of appraising," said James Wagner, a vice president at PMI. BankAmerica Corp., one of CLM's largest clients, has helped validate the software over the last nine months. The San Francisco-based money-center has installations in California, Washington, Oregon, Nevada, Arizona, Colorado, and Florida. Joseph A. Cuffaro Jr., CLM's chief executive and co-founder, said the software performs as many as 8,000 evaluations monthly. "PMI and CLM Technologies are negotiating contracts with other private data sources around the country," such as the California Market Data Cooperative data base, Mr. Cuffaro said. PMI made its announcement during the Mortgage Banking Association of America's recent annual conference in San Diego. PMI also announced a Windows-based software that allows lenders to access its data base via PC to update loan information. The software, called PC-Connect, allows lenders to add loan delinquencies, report sales, update closing dates, and report servicing transfers.