Automated appraisal expands

August 30, 2002

RealEC, form partnership to integrate transaction technology with appraisal network

Inman News Features

RealEC Technologies and entered a new partnership that aims to expand appraisal transaction technology within the residential mortgage industry.

The XML and Web integration of RealEC's technology with the 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 nation.

The network is an online community of real estate appraisers, designed to automate the appraisal process and to provide a channel for appraisers and lenders to link, communicate and complete the home financing and buying process. The network provides lenders with the Web-based infrastructure to manage the appraisal process online and allows for the management of a custom panel of independent appraisers.

RealEC was designed to facilitate the origination, servicing, and closing of real estate transactions. The RealEC Exchange is a 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 with vendors' production systems.

RealEC Technologies is a majority-owned subsidiary of Fidelity National Information Solutions.

Copyright: Inman News Service

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