REAL ESTATE TECHNOLOGY, REAL ESTATE ADVICE
PRnewswire | May 26, 2023
Lex Machina, a LexisNexis company, announced today that it has officially released its newly expanded and enhanced federal practice area of real property litigation (the "Real Property Module"), which now provides Legal Analytics for over 100,000 cases. The Real Property Module includes any federal district court case involving a dispute concerning real property. Along with the Legal Analytics on all real property cases involving foreclosures that was released a few months ago, the Real Property Module now includes real property cases involving land condemnation, rent/lease/ejectment, and torts to land. Lex Machina has also added more than 17,000 Real Estate Settlement Procedures Act ("RESPA") cases to the consumer protection practice area as part of this expansion.
Real property is an important area of law in which transparency and understanding provide a crucial edge. The new Real Property Module gives practitioners essential insights on judges, courts, law firms, attorneys, and parties involved in real property litigation.
"Real property litigation is a complex, diverse, and nuanced area of law that involves a wide-range of legal issues and claims," said Ellen Chen, Lex Machina's real property legal data expert. "From the previously-released foreclosures to land condemnation to leases to torts to land, Lex Machina is proud to provide expanded and enhanced Legal Analytics on this new and important area of law. We are excited to offer essential data-driven insights on the key players and outcomes involved in real property litigation."
The Real Property Module incorporates case tag filters for cases involving foreclosures, land condemnation, rent/lease/ejectment, and torts to land. It also incorporates an extensive collection of practice area-specific damages and findings. The inclusion of these unique parameters enables users to find the most relevant information and analytics quickly and easily.
The current set of Real Property Module cases, documents, and filters can help uncover insights such as:
The Central District of California had the highest number of cases filed involving rent/lease/ejectment claims.
For cases involving torts to land claims, claim defendants won 1.8 times as often as claimants.
Most active defendants in real property cases included financial institutions such as Bank of America, N.A., Wells Fargo Bank, N.A., and JPMorgan Chase Bank, N.A.
Aside from the Department of Justice, Saul Ewing Arnstein & Lehr was the most active law firm representing plaintiffs in cases with land condemnation claims.
The median time to termination for real property cases involving foreclosures was 183 days.
The total amount of real property damages awarded in the ten-year period from 2013 to 2022, excluding attorneys' fees, was $4.1 billion.
As the only Legal Analytics platform that combines an exclusive artificial intelligence technology with attorney review to analyze more than 440,000 court documents included in the Real Property Module, Lex Machina does the difficult work of creating accurate analytics that are cleaned, corrected, and enhanced. This exclusive process allows Lex Machina to provide comprehensive data-driven insights about courts, judges, law firms, lawyers, and parties.
Real property joins the 20 other federal practice areas already available on the platform. Lex Machina is proud of this key achievement.
About LexisNexis Legal & Professional
LexisNexis Legal & Professional® provides legal, regulatory, and business information and analytics that help customers increase their productivity, improve decision-making, achieve better outcomes, and advance the rule of law around the world. As a digital pioneer, the company was the first to bring legal and business information online with its Lexis® and Nexis® services. LexisNexis Legal & Professional, which serves customers in more than 150 countries with 11,300 employees worldwide, is part of RELX, a global provider of information-based analytics and decision tools for professional and business customers.
About Lex Machina
Lex Machina fundamentally changes how companies and law firms compete in the business and practice of law. The company provides strategic insights on judges, lawyers, law firms, parties, and other critical information across 20 federal practice areas and a rapidly growing number of state courts. Lex Machina allows law firms and companies to anticipate the behaviors and outcomes that different legal strategies will produce, enabling them to win cases and close business.
Lex Machina was named one of "Legal Tech's Most Promising Solution Providers" (CIO Review Awards 2022), "Greater Bay Area Top Workplaces 2022" (The San Francisco Chronicle Top Workplaces in the Bay Area 2022), "Legal Tech Company of the Year 2021" (CIO Review, 2021), "2021 Legal Technology Trailblazer" (National Law Journal Trailblazer Awards, 2021), Winner of the "Media Excellence" Award for Analytics/Big Data (13th Annual Media Excellence Award, 2021). Based in Silicon Valley, Lex Machina is part of LexisNexis, a leading global provider of legal, regulatory, and business information and analytics. For more information, please visit www.lexmachina.com.
REAL ESTATE TECHNOLOGY, REAL ESTATE INVESTMENT
PRnewswire | May 25, 2023
Roc Capital Holdings LLC ("Roc360"), a vertically integrated platform for residential real estate investors and a leading originator of business-purpose loans nationwide, today announced it has purchased the origination assets of Civic Financial Services ("CIVIC"), a subsidiary of Pacific Western Bank ("PacWest Bancorp"; Nasdaq: PACW).
Under the terms of the transaction, CIVIC, one of the leading institutional private lenders in the United States specializing in originating residential business-purpose loans, sold its origination assets to Roc360. Excluded from the sale are previously originated, loans and loan servicing operations. Roc360 will use the storied and trusted brand name CIVIC, which will join Roc360's growing portfolio of leading real estate brands, including Roc Capital, Finance of America Commercial¹, ElmSure, Wimba Title, and Tamarisk Appraisals.
CIVIC was founded in 2014 to serve investors who did not fit within the traditional real estate lending criteria. Since its inception, CIVIC has funded in excess of $9.4 billion through its borrower-direct, broker, and correspondent channels.
The CIVIC asset acquisition materially strengthens Roc360's existing national origination footprint, specifically in CIVIC's home state of California, the largest market for business-purpose loans to real estate investors. In 2022, Roc360 affiliates and CIVIC collectively funded in excess of $7.6 billion in business-purpose loans.
"In the face of market difficulties, we continue to expand and develop more products and services for real estate investors. We believe that America's housing stock is severely undersupplied, with more than 50% of homes in deferred maintenance, lacking the modern-day energy efficiencies that our clients install with each loan they take from us. We will continue to prudently expand and invest for long-term solutions to these structural problems," said Arvind Raghunathan, Ph.D., Founder and Chief Executive Officer, Roc360 family of companies.
Piper Sandler and Company served as financial advisor to PacWest Bancorp in the transaction.
Roc360 is a leading financial services platform for residential real estate investors, providing vertically integrated solutions, including lending, servicing, insurance, and valuation. Founded in 2014 by Arvind Raghunathan, Maksim Stavinsky and Eric Abramovich, Roc360 employs over 300 people and has funded nearly $25 billion in loans throughout the United States through its lending affiliates. The company is headquartered in New York City with offices on three continents.
About PacWest Bancorp
PacWest Bancorp ("PacWest") is a bank holding company headquartered in Los Angeles, California, with an executive office in Denver, Colorado, with one wholly-owned banking subsidiary, Pacific Western Bank (the "Bank"). Pacific Western Bank is a relationship-based community bank focused on providing business banking and treasury management services to small, middle-market, and venture-backed businesses. The Bank offers a broad range of loan and lease and deposit products and services through full-service branches throughout California and in Durham, North Carolina and Denver, Colorado, and loan production offices around the country. For more information about PacWest Bancorp or Pacific Western Bank, visit www.pacwest.com.
AGENT, REAL ESTATE INVESTMENT
PRnewswire | April 05, 2023
RentSpree, the industry's premier end-to-end rental management software provider, today announced the release of its brand new subscription service, RentSpree PRO. PRO bundles transaction and marketing tools for agents that help streamline the entire rental process. With existing home sales continuing to fall in a rising interest rate environment, the focus has shifted to the rental market and these new tools support its steep increase in competition.
PRO combines existing transactional capabilities in RentSpree's offering, such as RentSpree's award-winning online rental application and tenant screening, with brand new tools to ensure RentSpree is a one stop shop for agents and their rental clients alike.
"We are constantly pushing ourselves to develop better solutions within the rental process to cut down on wasted time and other pain points," said Michael Lucarelli, CEO of RentSpree. "We've been diligently working on PRO to up our ability to specifically support agents as they advance their rental process." He added, "PRO will exponentially increase agent efficiency in dealing with rentals, with the ultimate goal of increasing each agent's return on investment."
New tools on PRO will give agents the opportunity to exponentially level-up their business. These tools include:
Document Upload: This feature seamlessly collects necessary documents from rental applicants within one singular platform, eliminating the need to move between multiple solutions to complete a rental transaction. It ensures that transactions are closed faster with less friction.
Reference Checks: Automated reference checks help streamline outreach to potential references. It speeds up the process and assists agents in finding the right applicant for a rental.
E-Sign Documents: The rental/lease agreement stage is one of the most important, tedious and drawn-out procedures of the rental transaction process. PRO alleviates the need for agents and landlords to perform manual tasks like sending lease agreements via print, scan, email, or other tools outside of their current solution. It helps execute and securely store lease agreements smoothly.
Agent Reviews: A high volume of positive reviews from past clients can be displayed and easily shared with an agent's network. Agents will be able to prompt their clients to leave a review, which can be seen by anybody that visits the profile page. The reviews an agent collects can be shared via social media to promote their service and profile on RentSpree.
Custom Link for your Agent Profile Page: Agent Profiles can help generate an online presence and create professional branding opportunities that can increase the likelihood of attracting more business. This feature offers another opportunity for agents to further build on their professional brand with the ability to modify the slug in their Agent Profile Page's URL, offering increased link trust and discoverability of their services. Since these pages are indexable, Google can surface if someone were to be researching a particular agent.
"RentSpree PRO helps me keep all my listings, applications, and supporting documents in one place," said Juan Caba with Velez Realty Corp. "It saves me time vetting the best tenants for my clients and helps me build relationships with future buyers. It's my virtual office."
Los Angeles-based RentSpree is a provider of award-winning rental software that helps seamlessly connect real estate agents, owners, and renters to simplify and automate the entire rental process, from listing to lease. The all-in-one platform is known across all 50 states for its easy and secure interface and suite of rental tools, including tenant screening, rent payments, marketing and renter management. To date, RentSpree has partnered with more than 250 of the most influential MLSs, real estate associations and brokerages to serve over one million users in the U.S. RentSpree is ranked 625th on Inc. 5000's fastest-growing private companies in 2022. Visit http://www.rentspree.com for more information.