RISMEDIA, Sept. 17, 2007-RealEC Technologies Inc., a provider of collaborative network solutions to the mortgage industry, has announced a joint effort with Fidelity National Information Services, Inc. (FIS) to launch a new nationwide platform for delivering innovative, Web-based closing solutions for mortgage refinance and home equity lending transactions. Through the agreement, RealEC has licensed FIS’ ClosingStreamTM application, the mortgage industry’s first Web-based online closing solution, and has integrated ClosingStream into the RealEC Collaborative Network Platform.ClosingStream is used by 15 of the nation’s top mortgage lenders to conduct Web-based closings. By adding ClosingStream to the RealEC platform, RealEC can now make the online closing service available to lenders as well as title and closing companies looking to offer a proven, convenient, online closing service to their lending clients via a vendor-neutral technology platform.
“RealEC is excited to partner with FIS to bring this innovative, Internet-based closing solution to the mortgage industry,” said Dan Sogorka, president of RealEC Technologies. “We believe consumers are ready to embrace the secure online closing experience. Our service will offer both lenders and their title and closing service providers a model that immediately provides a convenient, time-saving service to consumers and also lays the foundation for adding other incremental electronic mortgage-related services going forward.”
According to the company, the new RealEC solution, called Web-Enabled Closing, enables lenders to offer this new closing option as a convenience to their borrowers, while the resulting closing orders are supported by the company’s preferred title and closing providers nationwide. Lenders can place orders for the Web-Enabled Closing service with any of its title and closing service providers that are certified and available through the RealEC network. Those orders are then fulfilled and completed online via the vendor-neutral RealEC platform, typically in an expedited manner.
Once the closing session has been completed, consumers are asked to answer survey questions regarding the online closing experience. “Satisfaction ratings from consumers using the ClosingStream solution have been tremendous,” said Ron Frazier, president of FIS’ LSI division. “In addition, our customers have verified that the platform provides significant quality and postclosing value.”
The Web-Enabled Closing service allows each certified title and closing provider to control the entire closing process, eliminating the need to coordinate with several third-party providers. As a result, the borrower may schedule the secure closing as early as possible during the application process. Also, since the closing session is Web-based, the borrower may participate from any geographic location.
“As one of RealEC’s biggest customers, we consistently see the value in leveraging its industry utility model in support of our customers,” Frazier added. “Having invested significantly in bringing ClosingStream to market, we are excited to partner with RealEC by offering the platform as part of their utility model.”
Founded in 1998, RealEC Technologies provides supply chain management software, integration services, intelligent product decision tools, vendor sourcing tools, and a robust B2B exchange for mortgage loan originators, real estate agents and settlement service providers.
For more information, visit www.realec.com.
