RealEC Passes 31 Million Mark
RealEC Technologies Inc. here said that its B2B exchange recently surpassed 31 million orders processed since its launch in 1998. The company also said it has surpassed 2,000 participating lenders, including 17 of the top 20.
"In 2006, RealEC processed orders related to more than three million unique first mortgage loans, purchase and refinance transactions," RealEC Technologies president Dan Sogorka told NMN. "Using MBA volume estimates for 2006, that means our system touched approximately 23% of all purchase and refinance transactions in the U.S. in 2006."
He said RealEC also processed orders related to more than 1.5 million unique home-equity loans. "In the last three years, we've had more than five million logins into our website and an average of more than 150,000 per month," he said.
"These milestones are important ones for RealEC and further reinforce its market leadership and the enterprise strength of its technology platform and business model," said Ron Frazier, president of Fidelity National Information Services' LSI division, a partner in the RealEC network.
"RealEC has become the accepted standard in the mortgage industry for lenders and their business partners to securely connect and collaborate electronically."
"There is a common perception in the industry that we are a Fidelity company," Mr. Sogorka observed. "We are a standalone." To underline that point, he noted that Fidelity rival First American is the second largest provider of orders on the RealEC network.
Jointly owned by Fidelity National Information Services, Stewart Title Co. and LandAmerica Financial Group, the RealEC Exchange now bills itself as the industry's largest interconnected network of lenders and settlement service providers, offering data-centric connections to all the major settlement providers, as well as the vast majority of title and appraisal systems. (c) 2007 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com http://www.sourcemedia.com