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ADDENDUM to COVER STORY: After the May 16 Issue of Real ADDENDUM TO COVER STORY: After the May 16 issue of Real Estate Technology News went to press, we received additional information regarding court testimony from GAC’s non-compete lawsuit against five former IT workers from its GATORS division and their new employer Lenders First Choice. In the sidebar on p. 3 of this issue, “Rumors surround GATORS’ fate,” we include information from the affidavit of one of the former employees, Norm Gottschalk, in which he claimed he met with GAC President Rich Snedden at a café in Pittsburgh in late 2005. According to his statement, he, fellow GATORS team member Chris Behning and Snedden discussed possible outsourcing of GAC’s software development to India and/or phasing out GATORS. Gottschalk claimed that Snedden told Behning that he should update his resume and have a contingency employment plan in place for 2006. However, according to recently obtained testimony, Snedden claimed that the comment about updating the resumes was a joke among friends, as Behning and Gottschalk were also joking about not being able to approve a purchase over $2,500 without appropriate signatures because they were now owned by Fiserv. He said the conversation took place over a holiday drink, and GAC’s Kevin McCarthy, Bill Stevens and Randy Ruff were also present. May 16, 2006 • www.retechnologynews.com nterest rates are a bigger enemy of U.S. mortgage jobs than I is offshoring.” GAC suffers “ — Craig Focardi, TowerGroup (P. 8) report setback in suit against former ALTA Tech: Are e-mortgages a priority? IT staff cover … Page 5 GAC’s lawsuit against several of its former IT Word for word: Offshore employees and settlement services competitor outsourcing now Lenders First Choice (LFC) took a serious blow April 28, when the judge mandatory for top lenders presiding over the case denied GAC’s request for a preliminary … Page 8 injunction against the defendants. MISMO takes PDF GAC sued five of its ex-employees who worked on the GATORS vendor debate to the people management system in January after they left the company to work for … Page 10 Lenders First Choice. It charged them with violating their non-compete and confidentiality agreements by going to work for a competitor and Title companies sue over taking with them intellectual property related to GATORS. Included in county recording delays the complaint were charges of misuse of confidential information, unfair … Page 10 competition and civil conspiracy with Lenders First Choice. Two of the ex-employees, Norm Gottschalk and Chris Behning, were also accused Study finds automation of recruiting other GAC IT employees, including Michael Barko, Joel taking hold in UK loan Mariano and Trevor Garside. Lenders First Choice is included in the underwriting list of defendants. … Page 11 Early ruling favors LFC A hearing was held March 30-31 in Butler County, Pa., to determine Index … whether the judge presiding over the case, Marilyn Horan, would grant a Editor’s Note … Page 2 GAC preliminary injunction request. In that request, the company asked People Tracker … Page 13 that the defendants refrain from competing with GAC and that LFC be The Aggregator … Page 14 prohibited from employing them so as to let them compete with GAC — Upcoming Industry Events … Page 16 at least a few of the defendants are said to be working in a new LFC office in Pittsburgh. Preliminary injunction hearings are designed to show In the next issue and beyond … a plaintiff’s likelihood of success in the case and can be good indicators Appraisal management companies (AMCs) of a court’s views on key topics in a case. are becoming an increasingly popular for lenders seeking to comply with guidelines In a memorandum opinion dated April 28, Judge Horan pointed out that a governing appraiser pressure. Get a look at (Continued on page 3) the platforms powering AMCs and how they help ensure valuations are unbiased. The business journal of real estate technology and data May 16, 2006 REAL ESTATE TECHNOLOGY NEWS Readers, take note! In our cover story for this issue, we continue our exclusive Real Estate Technology News is a note coverage of GAC’s lawsuit against five former IT workers production of the October Research and competitor Lenders First Choice (LFC). The Corporation, specializing in business news and information for technology defendants are accused of breaching non-compete and professionals in the mortgage, real confidentiality agreements with GAC/Fiserv by leaving to estate and settlement services open a new office for LFC. GAC also believes they shared industry and is published 24 times a confidential information about the GATORS vendor year. management system with their new employer and Real Estate Technology News editor’s editor’s conspired to recruit GAC staff. PO Box 370, Richfield, OH 44286 Tel: (330) 659-6101 Fax: (330) 659-6102 This case is one to follow because it could have [email protected] repercussions for our readers and help establish a legal precedent for workers’ rights to seek greener pastures while continuing to Founder & Publisher Joe Casa leverage their skill set within their industry. Editorial & Publishing In this latest update, GAC appears to have taken it on the chin over its request for Vice President & Associate Publisher Tatiana Parker a preliminary injunction. The judge presiding over the case denied that request Editorial Director and indicated GAC has presented no persuasive evidence to back its charges. Our Syndie Eardly industry sources say it isn’t looking good for GAC at this point, although this Editors early ruling could be appealed. We’ll keep you posted as we find out more. David Hutton, Matthew Smith, Robin Wardzala Associate Editors Also in this issue, we bring a quick report on the current debate within the Amy Sullivan, Amy Swinderman MISMO organization over whether to include Adobe PDF technology in its Contributing Writers Lori Lesko, John Upton, John Delcaza, SMART Doc standards. Although MISMO and other sources have stated that too T.J. Sullivan, Jeff Schurman much noise has been made over the possible inclusion of PDF elements — it e commerce would simply add another SMART Doc category to choose from — it’s a Rick Harris, Francie Hutter, Chuck Kent, conversation worth monitoring, as it could affect what options you’ll have for Tony Tramontano, Jennifer Merda Graphic Design SMART Doc deployments down the road. Saran Kirchhofer, Eric Kittelberger, Marian Stofsick, Tamera Schick And finally, don’t forget: The next road stop for the editorial staff is the Veros Business Offices Predictive Methods Conference in Orange County, Calif., in mid-June. The show Vice President & Secretary targets mortgage professionals with information and education on collateral risk Barbara Casa Finance & Accounting and valuation strategies, including automated valuation models (AVMs) and Mary Ellen Leidy fraud technology. Customer Service & Circulation Valerie Jimenez, Kathy Hurley, If you’re planning to attend this stellar event and would like to chat about your Blanche Bieda, Michelle Guyot Vice President Sales & Marketing risk management goals or concerns, drop us a line at Steve Massien [email protected]. Sales & Advertising Sue Keirns, Chris Casa, Welcome to this issue of Real Estate Technology News. Robert Gadson, Matthew Hydrew, Joe Jackson Seminars & Research Lee Kaplan, Deborah Nells-Porter Marketing Communications Matthew Smith Kelly Lehmenkuler, Alicia Tartabini Public Relations Editor NorthPointe Communications Inc. Kristen Easton, Brian Rieger Legal Services Hahn, Loeser, Parks Copyright © 2003-2006 October Research Corporation. All Rights Reserved. Volume 4, Number 4 Any copying or republication without the express written or verbal consent of the publisher is a violation of federal copyright laws and the publisher will enforce its rights in Federal court. The publisher offers a $500 reward for information proving a federal copyright violation with regard to this publication. To obtain permission to redistribute material or to report a violation of federal copyright laws, please call 330-659-6101, or e-mail: [email protected]. To obtain reprints, e-mail: [email protected]. 2 www.retechnologynews.com May 16, 2006 (Continued from page 1) preliminary injunction would require that GAC show: Rumors surround GATORS’ fate • Proof of a strong likelihood of success to the merits, In an affidavit filed in the case, Norm Gottschalk delved • Immediate and irreparable harm that can’t be into the circumstances under which he and Chris Behning decided to leave GAC. He claimed that on Dec. compensated by monetary damages, 23, 2005, at a café in Pittsburgh, during a meeting • That it would suffer greater injury if preliminary regarding possible outsourcing of GAC’s software injunctive relief is denied that if it is granted, and development to India and/or phasing out GATORS, GAC • That the preliminary injunction would restore the status President Richard Snedden told Behning that he should quo. update his resume and have a contingency employment plan in place for 2006. Despite the fact that Gottschalk Non-competes can be difficult to enforce, as courts often and Behning were high-level managers on the GATORS team, Gottschalk stated that he assumed he should do hesitate to prevent defendants from earning a living. the same. Addressing the non-compete agreements, Horan explained early in her memorandum that Pennsylvania courts enforce However, a representative with GAC has confirmed that restrictive covenants but that they are not favored and have GATORS is not going off the commercial market. Rather, historically been viewed as a “trade restraint.” The early the technology is branching into two units: GATORS for ruling followed that historical precedent. retail sales, and GATORS for use within Fiserv. Horan addressed four counts in the injunction request. evidence that Behning or Barko had any of its property in Breach of contract their possession when they resigned from the company.
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