Real estate loan closing processes get fuller automation

June 13, 2005

RealEC upgrades its suite of software tools

Inman News

RealEC Technologies, which provides supply-chain technology to the mortgage industry, has upgraded its suite of software tools, adding technology that fully automates the mortgage lender's closing process.

The new software, SolutionSelect, is a suite of software tools developed by RealEC to advance lender settlement services and enable automated vendor management, the company said today. It is Version 7.0 of the RealEC suite of software tools.

By incorporating the suite into the company's electronic partner network (the RealEC Exchange), lenders can easily access the closing and escrow solution, the company said.

SolutionSelect now offers pre-defined workflows and collaboration models for issues involving titles, payoff management, HUD and closing statement collaboration, document management and transfer and funding review and can manage these processes.

"By enhancing SolutionSelect to manage the closing and escrow process, mortgage lenders will increase control over this error-prone stage of the mortgage chain," claimed Jason Nadeau, president & CIO of RealEC Technologies, in a statement.

SolutionSelect is built upon the RealEC Exchange and the technology of RealEC's iSelect engine, a lender-defined, rules-based solution for managing the selection of products and providers. These tools have been tightly coupled with robust workflow, data management, and data warehousing solutions to provide the mortgage lending industry with a comprehensive, fully automated settlement services solution.

This has been a busy year for RealEC. Fidelity National Financial in January announced plans to develop a new tool for its title agencies that will enable bundling of services. The new service, dubbed, comes from a partnership between Fidelity and RealEC Technologies, a secure Electronic Partner Network for the title industry.

RealEC Technologies is a majority-owned subsidiary of Fidelity National Financial, with significant equity ownership by Stewart Title Co. and LandAmerica Financial Group.

Fidelity National Financial Inc., a Fortune 500 company, is a provider of products and outsourced services and solutions to financial institutions and the real estate industry. The company had total revenue of more than $7.7 billion and earned more than $860 million in 2003, with cash flow from operations of nearly $1.3 billion for that same period.

Fidelity Information Services’ software processes nearly 50 percent of all U. S. residential mortgages.

Copyright 2005 Inman News

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