RealEC Fully Automates Lender Closing Processes with Version 7.0
June 13 2005 - 10:00AM
PR Newswire (US)
RealEC Fully Automates Lender Closing Processes with Version 7.0
SANTA ANA, Calif., June 13 /PRNewswire-FirstCall/ -- RealEC
Technologies(R), the leading provider of Supply Chain Technology to
the mortgage industry, today announced the release of Version 7.0
of the RealEC suite of software tools. The suite now includes the
innovative software "SolutionSelect" to fully automate the mortgage
lender's closing process. SolutionSelect is a comprehensive suite
of software tools developed by RealEC to advance lender settlement
services and enable automated vendor management. By incorporating
the suite into the company's industry-leading Electronic Partner
Network (The RealEC Exchange), lenders can easily access the
robust, all-encompassing closing and escrow solution.
SolutionSelect now offers pre-defined workflows and collaboration
models for Title Curative Issue Tracking, Payoff Management,
Scheduling, HUD and Closing Statement Collaboration, Document
Management and Transfer, and Funding Review and is ideally suited
for the complete management of these critical processes. "By
enhancing SolutionSelect to fully manage the closing and escrow
process, mortgage lenders will increase control over this
error-prone stage of the mortgage chain," said Jason Nadeau,
President & CIO of RealEC Technologies. "No other Electronic
Provider Network or vendor management software in the marketplace
provides the level of collaboration, connectivity and process
management that our newest solution can achieve," said Nadeau.
SolutionSelect is built upon the RealEC Exchange and the proven
technology of RealEC's iSelect(R) engine, which is the innovative
lender-defined, rules- based solution for managing the selection of
products and providers. These powerful tools have been tightly
coupled with robust workflow, data management, and data warehousing
solutions to provide the mortgage lending industry with the first
comprehensive, fully automated settlement services solution. About
RealEC Technologies(R) Founded in 1998, RealEC Technologies
provides Supply Chain Management Software and Solutions including
an intelligent, electronic exchange for mortgage loan originators,
real estate agents and settlement service providers. The company's
products and services are designed to automate the origination,
servicing, statusing and closing of real estate transactions and
enable real estate transaction participants to significantly
enhance their business by increasing operational efficiencies,
improving customer service and generating new sources of revenue.
RealEC provides Supply Chain Management Software, Integration
Services, Intelligent Product Decision Tools, Vendor Sourcing
Tools, and a robust B2B exchange for the mortgage lending industry.
Through one connection, the RealEC Exchange enables mortgage
originators to conduct e-business with thousands of service
providers while offering more direct connections to settlement
service providers than any other network in the industry. RealEC's
iSelect(TM) intelligent ordering tool personalizes and automates
the lender's choice of products and providers. RealEC Technologies
has significant equity ownership from Stewart Title Company
(NYSE:STC), Fidelity National Financial (NYSE:FNF) and LandAmerica
Financial Group (NYSE:LFG). For more information, visit
http://www.realec.com/ . About Stewart Information Services Corp.
Stewart Information Services Corp. (NYSE:STC) is a technology
driven, strategically competitive, real estate information and
transaction management company providing title insurance and
related information services through more than 8,900 policy-issuing
offices and agencies in the United States and a number of
international markets. Stewart delivers via e-commerce the services
required for settlement by the real estate and mortgage industries.
Stewart also provides post-closing lender services, automated
county clerk land records, property ownership mapping, geographic
information systems, property information reports, flood
certificates, document preparation, background checks and expertise
in tax-deferred exchanges. More information can be found at
http://www.stewart.com/ . About Fidelity National Financial
Fidelity National Financial, Inc., number 261 on the Fortune 500,
is a provider of products and outsourced services and solutions to
financial institutions and the real estate industry. FNF is the
nation's largest title insurance company, with nearly 32 percent
national market share, and is also a provider of other specialty
insurance products, including flood insurance, homeowners insurance
and home warranty insurance. Through its majority-owned subsidiary
Fidelity National Information Services, Inc. ("FIS"), the Company
is a leading provider of technology solutions, processing services
and information services to the financial services and real estate
industries. FIS' software processes nearly 50 percent of all U.S.
residential mortgages, it has processing and technology
relationships with 45 of the top 50 U.S. banks and more than 2,800
small and mid-sized U.S. financial institutions and it has clients
in more than 50 countries who rely on its processing and
outsourcing products and services. FIS also provides customized
business process outsourcing related to aspects of the origination
and management of mortgage loans to national lenders and servicers.
FIS offers information services, including property data and real
estate-related services that are used by lenders, mortgage
investors and real estate professionals to complete residential
real estate transactions throughout the U.S. More information about
the FNF family of companies can be found at http://www.fnf.com/ and
http://www.fidelityinfoservices.com/ . About LandAmerica Financial
Group, Inc. Headquartered in Richmond, Virginia, LandAmerica
Financial Group, Inc. is a leading provider of real estate
transaction services. Through its many subsidiaries, LandAmerica
serves residential and commercial customers with more than 800
offices and a network of 10,000 active agents throughout the United
States, Mexico, Canada, the Caribbean, Latin America, and Europe.
This press release contains statements related to future events and
expectations and, as such, constitutes forward-looking statements.
These forward-looking statements are subject to known and unknown
risks, uncertainties and other factors that may cause actual
results, performance or achievements of the Company to be different
from those expressed or implied above. The Company expressly
disclaims any duty to update or revise forward- looking statements.
The risks and uncertainties which forward-looking statements are
subject to include, but are not limited to, the effect of
governmental regulations, the economy, competition and other risks
detailed from time to time in the "Management's Discussion and
Analysis" section of the Company's Form 10-K and other reports and
filings with the Securities and Exchange Commission. DATASOURCE:
RealEC Technologies(R) CONTACT: Darcy Patch, Senior Vice President
of Marketing, Office of the Enterprise, Fidelity National
Financial, +1-949-477-1173, or Web site: http://www.realec.com/
http://www.fnf.com/ http://www.fidelityinfoservices.com/
http://www.stewart.com/
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