Mortgage Technology Suit Costs Lender Near $6 Million - Mortgage Forums for Mortgage Brokers

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Mortgage Technology Suit Costs Lender Near $6 Million

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03-04-2006, 10:13 PM

Veronica Corningstone Veronica Corningstone is offline

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Mortgage Technology Suit Costs Lender Near $6 Million

IMX Inc. has been awarded $5.8 million in a patent infringement case it brought against LendingTree. "The claims in which LendingTree was found to infringe related to a system and method for operating a real-time Internet exchange where borrowers and lenders exchange information in the pursuit of a loan," explained IMX's acting CEO. "A borrower's loan request is maintained by the system and both borrowers and lenders have real-time access to this information, permitting lenders to review borrowers' loan requests and make offers on loan requests of interest, and permitting borrowers to accept or reject lenders' offers via the exchange."

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