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RealEC technology, Appraisal.com reach new, collaborative agreement. (Technology).

RealEC Technologies, the industry's leading secure B2B eCommerce exchange for real estate transactions, announced an agreement with Appraisal.com, Inc., a leading provider of Internet-based software and services to real estate appraisers and appraisal users.Significant new XML and web integration of RealEC's technology with The Appraisal.com Nationwide Appraisal Network will allow lenders that are linked to the RealEC Exchange to electronically order, receive and manage appraisals from virtually every independent real estate appraiser in the USA.

"This strategic collaboration enables RealEC to lead both innovations in B2B real estate transaction management and the definition of the industry standards that drive this market," said Jeff Sanderson, president of RealEC Technologies. "The combined functionality supports RealEC's strategy to facilitate the origination, servicing, and closing of real estate transactions toward a truly paperless environment through financial solutions across all distribution channels," Sanderson said.

"The Appraisal.com Nationwide Appraisal Network is designed to completely automate the entire appraisal process and provide a channel for appraisers and lenders to more effectively link, communicate and complete the entire home financing and buying process," said Mark Yellen, president and CEO of Appraisal.com. "This is a great relationship because it combines the technology platforms of two of the strongest players in the mortgage technology business."

The Appraisal.com Nationwide Appraisal Network is an online community of real estate appraisers and appraisal users with tools for the management of high volumes of orders and the facilitation of the management of many appraisal vendors. The Appraisal.com Nationwide Appraisal Network provides lenders with the Internet-based infrastructure to manage the entire appraisal process online.

It provides them with an end-to-end solution for the specification, ordering, delivery, payment and management of real estate appraisals over the Internet. In addition, The Appraisal.com Nation wide Appraisal Network allows lenders to manage their own custom panel of independent appraisers by choosing from over 78,000 Licensed professionals nationwide. This results in a streamlined collateral management process that reduces both the cost and amount of time involved in closing a mortgage.

Offering a robust technology core, RealEC runs on a Windows Distributed Network Architecture and n-Tier Application based upon MS DCOM, with an XML based integration and routing network. It has a highly scalable environment and infrastructure with its own RealEC Active Routing System, and state-of-the-art data center facilities.

RealEC is designed to facilitate the origination, servicing, and closing of real estate transactions and to enable real estate practitioners to significantly enhance their businesses. The RealEC Exchange is an intelligent routing process that offers traditional transaction capability and provides a standardized connectivity and data transport functionality for originators and vendors involved in the transaction.

It handles data translation and facilitates rapid information flow while integrating seamlessly with vendors' production systems.

RealEC Technologies is a majority-owned subsidiary of Fidelity National Information Solutions with significant equity ownership by Stewart Title Company and LandAmerica Financial Group.FNIS is a subsidiary of Fidelity National Financial.
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Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Sep 11, 2002
Words:489
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