Home / News / Government / RealEC Surpasses Processing Milestone, Provides HVCC-Compliance
Print This Post Print This Post

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.

About Author: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.

Check Also

FHFA Bumps Up 2024 Conforming Loan Limits

The FHFA has announced the conforming loan limit values for mortgages that Fannie Mae and Freddie Mac will acquire in 2024, in adherence to the Housing and Economic Recovery Act, which requires periodic adjustments to reflect changes in average U.S. home prices.