"Integra has achieved its goal of creating a company capable of providing 'one-stop shopping' for financial institutions with multi-market appraisal needs," says Integra president Sean Hutchinson. Integra was founded in August 1999 with appraisal providers in 25 cities and now serves 45 US cities, with a combined staff of more than 500.

The company expects to open its first international office later this year. According to Hutchison, his company's contract with RSI points to the consolidation of the real estate service industry. "Integra Realty Resources was founded with the realization that national financial firms needed a provider of real estate appraisal services who could provide services in any major US market in which they had properties," says Hutchinson. "Prior to the creation of Integra, the appraisal market was fragmented into a number of 'mom-and-pop' type providers."

According to Integra's Philadelphia-based managing director Joe Pasquarella, who will oversee the new deal, the agreement will cover a wide array of real estate such as shopping malls, retail outlets, apartment buildings, office buildings and industrial real estate. "Under the arrangement, Integra will co-brand its appraisal services with RSI using IRR report formats," says Pasquarella. "We are exploring other ways to leverage the MortgageRamp technology." Pasquarella earlier this year negotiated a similar contract for Integra to provide nationwide appraisal services to Bear Stearns' real estate finance group.