Technology

The Michigan Court of Appeals has ruled that MERS does not meet the requirements under state statute to foreclose by advertisement because the company does not own any interest in the debt. The judgment does not apply to judicial foreclosures conducted by MERS, but observers warn the decision could void thousands of foreclosures in the state, including properties that have already been sold to new buyers. Local reports say title companies are canceling closings on some bank-owned homes in light of the ruling.

MLSListings, Inc., a not-for-profit, California mutual benefit corporation formed by eight Northern California Realtor associations, will participate in the Fannie Mae Short Sale Assistance Desk program. MLSListings, which represents more than 18,000 subscribers in 6,000 firms in an area covering 28,000 square miles, is the first multiple listing service (MLS) in California to participate.

Real estate data company MRIS recently unveiled an enhancement to the MLS system with a tool to simplify photo uploading for real estate professionals. Dubbed Media Connect, the company says its technology supports agent listings with 80 percent faster upload times. The MRIS system currently hosts more than 70,000 active real estate listings with over 1 million new photos added so far in 2011.

North Carolina real estate firm Jewell Realty, which specializes in bank-owned REO, foreclosed, and distressed properties in the commercial real estate sector, has launched a new Web site, which the company says is primarily a one-stop resource for quality commercial REO properties and other choice commercial bank foreclosures. Buyers can search for a private residence, a community development, a warehouse, an office building, and even open land.

In an effort to help mortgage servicers respond to the consent orders issued by regulators last month, Lender Processing Services (LPS) has announced enhancements to its mortgage loan servicing platform (MSP). The consent orders require servicers to provide borrowers with a dedicated single point-of-contact for specific loss mitigation and servicing functions. Via LPS's MSP, clients can assign, view, and obtain detailed information on the single point-of-contact assigned to each specific loan throughout the life of the loan.

First American Data Tree, LLC, the nation's largest provider of digital land records, released its newest portal, ParcelIQ.com, this week. The new browser-based platform allows lenders to order and receive data elements used in the loan decision-making process, including documentation to validate ownership, determine a property's current equity status, and evaluate risk.

Realty Pilot, a real estate technology company, and RealtyBargains.com, an online distressed property listings directory, announced a joint venture this week aimed at bringing together distressed homeowners and potential property buyers. The partnership will provide homeowners facing foreclosure with a new, free service to expedite the offer-making process from prospective buyers for pre-foreclosure transactions.

Clayton Holdings has partnered with MBSData to provide loan-level data risk identification analytics and reporting solutions to fixed-income-mortgage investors. According to a statement from the two companies, their combined technology platform is designed to help investors manage residential mortgage-backed securities (RMBS) risk more effectively. The new offering will cover 98 percent of the active deal universe of private-label RMBS.

MERSCORP, Inc., which operates the Mortgage Electronic Registration Systems (MERS) database, has appointed mortgage industry veteran Bill Beckmann as president and CEO. Beckmann was formerly chairman and CEO of CitiMortgage, Inc. He replaces R.K. Arnold, who resigned as MERS' president and CEO in January.

Urban Lending Solutions Appraisals LLC (ULSA) recently licensed the use of new appraisal management software from FNC, a real estate information technology firm. ULSA is a subsidiary of Urban Lending Solutions, a provider of loan modification services, underwriting, valuations, and other real estate information solutions in the mortgage business.