Fidelity National Default Solutions' and RealEC Technologies(TM) Strike Partnership
|October 26, 2004|
Will Provide Access to One-Stop Origination, Electronic Invoice Management and Default Solutions
JACKSONVILLE, Fla., /PRNewswire-FirstCall/ -- Fidelity National Default Solutions, a division of Fidelity National Financial, Inc. (NYSE: FNF), announced a significant strategic partnership between its NewInvoice division, a provider of electronic bill presentment (EBP) services, and RealEC Technologies(TM), the industry's leading secure Electronic Partner Network for mortgage fulfillment transactions and the industry's leading provider of Supply Chain Technology, and majority-owned subsidiary of Fidelity National Financial. The partnership and bi-directional integration of the two largest B2B providers in the mortgage industry will provide a single point of access that will revolutionize the automated ordering, tracking, reconciliation, electronic invoicing and payment of products and services throughout the mortgage lifecycle.
RealEC's Exchange is an all-inclusive on-line ordering and delivery solution of all real estate-related products and services that includes predefined provider workflows, collaborative file management, electronic fee negotiation, extended XML product data sets, rules-based product data reviews, customized data warehousing and analysis and detailed service level management. NewOrder Express and NewInvoice, are powerful components of Fidelity National Default Solution's NewWay(TM) Suite, and provide integrated vendor management services, regulatory compliance of product ordering and billing guidelines, electronic order placement, results and invoice reconciliation to default servicers and their service providers.
By providing a single point of access to the functionality of these two companies, mortgage loan originators will now have access to electronic invoice management, and mortgage loan servicers will have access to the RealEC-connected service providers. Therefore, this integration will allow lenders and servicers to automate the ordering, tracking, delivery and electronic invoicing of products and services for the origination and default markets -- the most complete settlement service lifecycle solution of its kind. Lenders and servicers will realize increased efficiencies and reduced costs by having orders placed and tracked electronically, results compared with Service Level Agreements and the reconciliation of the order, completion and billing information.
"We are committed to helping our customers enhance efficiencies," said Jason Nadeau, President and CIO of RealEC. "With the seamless integration of our Exchange and Fidelity's NewWay Suite modules, we will be able to offer customers an enhanced solution that incorporates default services ordering and the time-saving convenience of electronic invoice management."
"The mortgage industry is aggressively seeking ways to be more efficient and productive, and our one-stop, automated solutions will help them accomplish that," said Rich Rollins, President of NewInvoice. "We are very excited about this unique partnership with RealEC to give lenders a powerful, single point of access to origination and default service providers by the industry's largest and most comprehensive solutions. The scope and range of solutions accessed through either platform will be unparalleled in the industry."
Source: Fidelity National Financial, Inc.