New system helps Countrywide speed up loan processing system.RealEC Chosen by Countrywide coun·try·wide adv. & adj. Throughout a whole country; nationwide: launched a fundraising campaign countrywide; a countrywide search. Adj. 1. Home Loans to Provide Settlement Services Management Solution RealEC Technologies[R], Inc. the leading provider of supply chain technology to the mortgage industry, has entered into an agreement with Countrywide Home Loans, Inc., a division of Countrywide Financial Countrywide Financial Corporation (NYSE: CFC) is a diversified financial marketing and service holding company engaged primarily in residential mortgage banking and related businesses. Corporation, to provide its settlement services management solution. Under the terms of the agreement, Countrywide Home Loans is licensing RealEC's enterprise technology solutions to maximize efficiency, accountability The traceability of actions performed on a system to a specific system entity (user, process, device). For example, the use of unique user identification and authentication supports accountability; the use of shared user IDs and passwords destroys accountability. and information tracking throughout the entire settlement services process. As a result, Countrywide Home Loans is increasing its ability to more effectively manage the settlement services ordering and management process across all of its business channels Business channels are TV channels that concentrate on business news. List of channels
Countrywide Home Loans needed an advanced technology solution that would serve as an Internet exchange See IXP and NAP. to improve productivity and reduce costs and time to close in its loan processing cycle. The company was also seeking a solution that would allow it to instantly connect with multiple settlement service providers using one vendor-agnostic platform and enabling faster, better and more efficient transaction management. Countrywide Home Loans is licensing the RealEC Exchange(TM), an industry-leading settlement services platform, and add-on A purchase of additional goods before payment is made for goods already purchased. An add-on may be covered by a clause in an installment payment contract that allows the seller to hold a security interest in the earlier goods until full payment is made on the later goods. components designed to enhance the platform, including iSelect(TM) and the company's title and closing workflow The automatic routing of documents to the users responsible for working on them. Workflow is concerned with providing the information required to support each step of the business cycle. solution. RealEC's title and closing solution provides Countrywide Home Loans with a suite of tools specifically developed to manage the title and closing workflow. Using this solution, the company is able to instantly connect with the largest network of title and closing companies in the country and manage all unique ordering tasks associated with the title and closing process. "By implementing our industry-leading settlement services management solution, Countrywide Home Loans has been able to streamline its mortgage process, eliminate inefficient practices and reduce the time required to manage settlement services," said Dan Sogorka, president of RealEC Technologies. |
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