Framework, Inc. Forms Strategic Partnership with RealEC Technologies
March 11, 2002
ATLANTA & NEW YORK--(BUSINESS WIRE)-- Framework Inc., a national provider of technology and enterprise software for financial institutions, announced the enhancement of its vendor management capabilities with Santa Ana, Calif.-based RealEC Technologies, a secure business-to-business e-commerce exchange for real estate transactions.
The XML integration of RealEC's technology into Framework's LendWare eBusiness platform will allow lenders to manage settlement services, loan data tracking, appraisals and title and flood insurance transactions.
RealEC Technologies enables the online ordering and delivery of all real estate related products and services to provide lenders and Realtors® a complete and integrated technology solution for closing and managing real estate transactions. Expenses associated with tracking and managing a transaction are reduced, and redundant processes such as the re-keying of standard data are eliminated.
"Users of LendWare can now access and order a wide range of products and services with one click of their mouse, including mortgage insurance, title, flood determinations, credit reports, appraisals and other valuations," said Dan McClure, CEO of Framework Inc. "It is generally accepted that $10 billion is wasted on the inefficient production of residential mortgages each year. Automating vendor relationships is a significant step towards eliminating these costs. The integration with RealEC Technologies will supply us with a true data integration link to the largest settlement service providers in the mortgage industry."
LendWare's eCommerce, workflow, and automation features allow financial institutions to establish faster and simpler processes across product lines and value-chains. Resulting business transactions are more seamless, customer-centric, timely and cost-effective. LendWare can be used to provide innovative personalized solutions to customers, reduce fulfillment time from weeks to minutes and help lower transaction costs (up to $1,000 per loan and $10 billion overall savings in the mortgage industry alone).
LendWare can run entirely on the Internet, supports all major hardware and database platforms and scales to virtually unlimited users and transactions. Its workflow and eCommerce integration capabilities can unite financial institutions, consumers, affiliates, systems and services using real-time transactions and collaborations. Extensive configurability allows financial institutions to differentiate and innovate while maintaining their proprietary advantages.
Offering a powerful technology core, RealEC runs on a Windows® Distributed Network Architecture (DNA), is an n-tier application based upon MS DCOM, and has an XML based integration and routing network. It has a highly scalable environment and infrastructure based on the RealEC Active Routing System (ARS) and state-of-the-art data center facilities.
Source: Framework, Inc.