RealEC Surpasses Processing Milestone, Provides HVCC-Compliance

Santa Ana, California-based ""RealEC Technologies Inc."":http://www.realec.com, a provider of collaborative network solutions to the mortgage industry, recently announced surpassing a corporate milestone of more than 42 million real estate orders processed through its network, since the company was founded in 1998. The RealEC Collaborative Partner Network currently processes more than 880,000 orders, 3.6 million documents, and 10 million unique loan fulfillment events per month.
In addition, the company announced it has recently signed five new major lender clients, including AmTrust Bank and Flagstar Bank, that will use its appraisal management technology. RealEC's appraisal solution is fully compliant with the GSEs' Home Valuation Code of Conduct (HVCC) and ensures lenders’ readiness for the May 1, 2009 deadline.
Marni Scott, SVP at Flagstar, commented, ""RealEC’s HVCC-compliant appraisal management suite has allowed Flagstar Bank to quickly take the necessary steps to meet the requirements of the HVCC. We believe our selection of RealEC also positions our business well to make any needed adjustments as the market continues to evolve.""
RealEC’s appraisal management solution includes a standalone or integrated order placement portal, data connections to all national appraisal firms, appraisal software packages, quality control processes, and access to thousands of independent appraisers. According to RealEC, unlike other appraisal solutions in the marketplace, its appraisal management suite is optimized for lenders, individual appraisers, and appraisal management companies.
Dan Sogorka, president of RealEC Technologies, said, ""We believe our appraisal management clients are well positioned to ensure total compliance with the Home Valuation Code of Conduct and to further streamline their lending processes. We are excited about these new partnerships and the opportunity to assist our clients in reacting quickly and successfully to the rapidly changing banking industry.""
Founded in 1998, ""RealEC Technologies"":http://www.realec.com provides supply-chain-management software and integration services, as well as product-decision and vendor-sourcing tools. RealEC’s B2B exchange enables mortgage loan originators, real estate agents, settlement service providers, and other transaction participants to electronically connect, collaborate, and automate their business processes to eliminate paper, manual processing, and other sources of friction in the origination and fulfillment of mortgage loans. RealEC Technologies is majority-owned by technology provider ""Lender Processing Services, Inc."":http://www.lpsvcs.com, whose systems service approximately 50 percent of all U.S. mortgages.