Technology

Ruling in favor of Avelo Mortgage, an appellate court in California declared Mortgage Electronic Registration Systems, Inc. (MERS) a proper beneficiary on the deed of trust. Citing an earlier decision involving Countrywide, Judge David Milton ruled that MERS has the authority under California law to assign a deed of trust, and that borrower agreements make it clear MERS, as nominee of the lender, has the right to exercise any interest on the lender's behalf, including the right to foreclose and sell the property.

Lender Processing Services, Inc. (LPS), a Jacksonville, Florida-based provider of technology, data, and analytics to the mortgage and real estate industries, announced Monday that Joe Jacquot has been named SVP of government affairs. Jacquot served from 2007 to 2011 as deputy attorney general of Florida and chief of staff for former Attorney General Bill McCollum.

Servicers using the XetusOne Loan Management System already exceed the minimum requirements for the Treasury Department's new guideline mandating a single relationship manager for Home Affordable Modification Program (HAMP) borrowers. Available via California-based Xetus, the system provides servicers with compliance through its Web-based Software-as-a-Service (SaaS) platform.

Freddie Mac announced new leadership this week for its three lines of business, including its new single-family and operations and technology unit. The new division consolidates previously separated single-family business lines as well as the technology unit. Anthony Renzi has been named EVP to head up the new division. In addition, David Brickman was named SVP in charge of the multifamily division, Carol Wambeke was promoted to SVP and chief compliance officer, and Devajyoti Ghose will assume the roles of SVP of the investments and capital markets division and company treasurer.

NetDirector, a provider of a centralized data exchange service headquartered in Florida, recently launched its NetTracker docket monitoring service. The company says it created the service in response to current delays in the court systems surrounding foreclosure actions and the amount of time its mortgage industry partners spend checking docket statuses on numerous cases.

Mortgage Cadence, LLC, a provider of enterprise lending solutions (ELS), default servicing technology, and document services for the financial services industry, will spin off its compliance, content, and document preparation division, Mortgage Cadence Finale, into a separate entity. The new standalone service provider will go by the name Finale Document Services and allows lenders and servicers to create modification and short sale packages, as well as other financial documents.

IndiSoft announced Tuesday that its workflow technology now assists housing counseling agencies with internal operations and communications. Housing counselors provide consumers with advice on housing options as well as information regarding defaults, foreclosures, and credit issues. IndiSoft explained that its RxOffice Premium Counselor Edition provides case and document management features customized for counselors and allows them to more effectively communicate with both financially troubled consumers and servicers.

Zillow, a Seattle-based mobile and online real estate information company, launched its Zillow Mortgage Marketplace iPhone app Tuesday for a mobile loan shopping experience. The app combines personalized loan quotes with calculators and tools to help borrowers ascertain home affordability, monthly payment amounts, and whether refinancing makes financial sense. Home shoppers can also use the app to receive instant, personalized loan quotes from lenders.

HOPE LoanPort (HLP), a Web-based tool that streamlines home retention applications on behalf of borrowers at risk of foreclosure, recently welcomed nonprofit counseling agencies in Alaska and Kansas to its system. Used by housing counselors, housing finance agencies, investors, and major mortgage servicers, HLP now assists struggling homeowners in 49 states and the District of Columbia.

Green River Capital recently partnered with Mountain America Credit Union to provide commercial and residential REO management services. The company's technology platform allows Mountain America to identify the status of its properties at any time and provides real-time reporting, valuation, offer acceptance, and expense tracking online.