TheMReport

March 2012

TheMReport — News and strategies for the evolving mortgage marketplace.

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ON THE WEB Legal Complaints, Compliance Initiatives Make Top Technology News Around the marketplace, online activity turns into national headlines for companies like LPS, Zillow, and Appraisal Logistics. INSIDE THE INDUSTRY LPS Files Motion to Dismiss in Nevada RESPONDING TO THE COMPLAINT FROM THE STATE'S ATTORNEY GENERAL, LPS MOVES FOR DISMISSAL, CALLING THE LEGAL PROCEEDINGS AGAINST THE COMPANY PREJUDICIAL. L ender Processing Services Inc. has officially responded to the December complaint made by the Nevada attorney general. In a company statement, LPS stated that it has filed a "motion to dis- miss," based on "legal defects." LPS alleges that the recent civil complaint filed by the state's attor- ney general should be dismissed due to "prejudice." Other impor- tant statements from LPS included the notation that "the attorney general's complaint fails to allege that any document executed by subsidiaries of LPS was incorrect, contained errors, or caused any borrower financial harm." Nevada Attorney General Catherine Cortez Masto an- nounced the lawsuit against LPS on December 16, 2011. The legal maneuver, which was filed in the eighth Judicial District of Nevada, alleged that LPS engaged in deceptive practices against Nevada consumers, and specifi- cally, the company was accused of document falsification, fraudu- lent notarization of documents, widespread foreclosure-related schemes, improper behavior related to attorney/client commu- nication, and improper reception of "kickback" fees. 10 | THE M REPORT Marketplace app financial calcula- tors have been used more than 1.5 million times, proving people want access to mortgage and financing in- formation when they are looking at homes," said Erin Lantz, director of the Zillow Mortgage Marketplace. Also available for the iPhone, the newly launched app offers home shoppers on-the-go access to the loan shopping experience of Zillow Mortgage Marketplace. Zillow called its app the "only mobile app with personalized loan quotes, lender ratings, real- time rates, and mortgage calcula- tors all in one place." The app includes features that enable shoppers to narrow their home search to a specific price range, based on income, down payment, and monthly debt information. "With the Android app, we Commenting on the motion to dismiss, Hugh Harris, president and CEO of LPS, said, "LPS filed this motion to dismiss in response to the allegations made by the Nevada attorney general. Although we have to defend ourselves against allegations that we believe are untrue, we remain committed to working with the attorney general's office to resolve these matters." LPS is considered a leading provider of integrated technology, services, and mortgage perfor- mance data and analytics to the mortgage and real estate indus- tries. The company's most recent statistics suggest that around 50 percent of all U.S. mortgages by dollar volume are serviced using LPS' loan servicing platform. Zillow Launches New Mortgage Application GIVING CONSUMERS EXPANDED SMARTPHONE ACCESS TO MORTGAGE AND PROPERTY INFORMATION, ZILLOW DEBUTS ITS LATEST APPLICATION. A new application from Zil- low.com will give Android users a personalized portal for the popular real estate website. The free application, Zillow Mortgage Marketplace, targets the provision of customized loan comparisons directly from Google's smartphone. "Since the release of the Zillow Mortgage Marketplace to mobile in June 2011, the Zillow Mortgage were able to take advantage of the unique menu functionality that enables users to easily share information, such as mortgage rates and loan quotes, from every page," said Lantz. WEB AT WORK Clarity AMC Adds Technology Partner TARGETING ENHANCED BUSINESS OPERATIONS AND PROCESSING, THE COMPANY HAS CHOSEN VALULINK'S CUSTOMIZED PLATFORMS FOR APPRAISAL MANAGEMENT. C larity Appraisal Management Company is upgrading its technological support, recently announcing it has selected ValuLink LLC as the company's software

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