SANTA ANA, Calif., Oct. 10 /PRNewswire-FirstCall/ — RealEC Technologies Inc., the leading provider of collaborative network solutions to the mortgage industry, today announced it has entered into an agreement with Countrywide Home Loans, Inc., a division of Countrywide Financial Corporation, allowing Countrywide to use RealEC's Web-based closing platform for mortgage refinance and home equity lending transactions.
Through the new agreement, Countrywide has licensed RealEC's Web-enabled closing service and has integrated the service into its TS2 settlement services platform, which was built using the RealEC Collaborative Network Platform.
“RealEC is extremely excited, once again, to partner with Countrywide Home Loans to bring another innovative new industry utility to market,” said Dan Sogorka, president of RealEC Technologies. “We believe that by deploying incremental pieces of an e-mortgage solution, all parties can gain significant process efficiencies and align business and technology paths with true electronic collaboration.”
RealEC's Web-enabled closing service enables Countrywide to offer this new closing option as a convenience to its borrowers and have the resulting closing orders supported by its preferred title and closing providers nationwide. Countrywide's origination groups can place orders for the Web- enabled closing service with any title and closing service provider that is certified and available through the RealEC network. Those service orders then are fulfilled and completed through Countrywide's licensed version of the RealEC platform.
“Countrywide is committed to continually delivering innovative new services that offer more convenience and flexibility to our customers,” said Richard Marron, executive vice president of strategic partnerships for Countrywide Home Loans. “The Web-enabled closing service delivered through RealEC's Collaborative Network Platform will deliver these important benefits to our customers while leveraging our existing investment in our core settlement services platform. We view this as an important step toward offering our customers an increasingly electronic mortgage-fulfillment process.”
The service allows each title and closing provider supporting Countrywide to control the entire closing process, eliminating the need to coordinate with multiple third-party providers. As a result, the borrower may schedule the secure closing as early as possible during the application process. Also, since this closing session is Web-based, the borrower may participate from any geographic location.
About RealEC Technologies
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. RealEC operates the RealEC Exchange(TM), the leading Electronic Partner Network (EPN) in the mortgage industry, and provides partner connectivity, automated vendor management, advanced data capture and document management services to more than 2,000 mortgage originators (including 17 of the top 20) and more than 13,000 service providers. RealEC's services enable lenders and their business partners to electronically connect, collaborate and automate their business processes to eliminate paper, manual processing and other sources of friction in the origination and servicing of mortgage loans. 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 Technologies has significant equity ownership from Fidelity National Information Services, Inc. (NYSE: FIS), Stewart Title Company (NYSE: STC), and LandAmerica Financial Group (NYSE: LFG). For more information, visit www.realec.com.
About Countrywide Financial Corporation
Founded in 1969, Countrywide Financial Corporation — America's number one home loan lender as ranked for 2006 by Inside Mortgage Finance (Feb. 2, 2007) — is a member of the S&P 500 and Fortune 500. Countrywide, through its subsidiaries, provides mortgage banking and diversified financial services in domestic and international markets. Mortgage banking businesses include loan production and servicing principally through Countrywide Home Loans, Inc., which originates, purchases, securitizes, sells and services residential loans. The company is headquartered in Calabasas, Calif., and has a workforce of more than 56,000 individuals and over 900 offices worldwide. For more information about the company, visit Countrywide's Web site at www.countrywide.com.
SOURCE RealEC Technologies Inc.
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