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RealEC Updates Software to Enhance Tracking of Settlement Services

RealEC's latest version expands into supply-chain management software to make it easier for the user to track the ordering on settlement services.

RealEC Technologies here is a provider of supply-chain technology to the mortgage industry. With the introduction of Version 6.5 of its RealEC Exchange, the lenders' ability to manage and track settlement services through the introduction of several online collaborative tools is made easier.

The update was designed to pass benefits that include increased communication capabilities, reduced errors and quicker loan processing directly to the lender. Also, because the platform is Web-based, no implementation is required.

"RealEC is pleased to announce our latest version of the RealEC Exchange, Version 6.5. With these latest innovations, RealEC has expanded the RealEC Exchange to provide the mortgage lender with the most robust set of supply-chain management tools available," said RealEC president and CIO Jason Nadeau.

"RealEC has always been the leading electronic partner network, and now with the combination of our latest versions of the Exchange and our existing iSelect and iBundle tools, RealEC has expanded our product line to provide the most complete supply-chain management solution for mortgage lenders," he said.

RealEC Version 6.5 also includes several new modules designed to move the lender's management of settlement services from a hands-on process to an exception-based workflow. Through the definition of dynamic work queues, lenders are now able to focus on exception processing, touching only those loans that require special handling with this new release.

RealEC Version 6.5 allows lenders to better define their work process and streamline processing of title, closing, appraisal, mortgage insurance, flood, AVM, verifications and credit services into work queues designed to enable management by exception.

RealEC Version 6.5 also incorporates predefined workflow processes through its recently released SolutionSelect module. Developed in collaboration with a number of settlement providers, RealEC's SolutionSelect incorporates a set of predefined workflows and settlement processes specifically designed to streamline and automate the title, closing and appraisal processes.

In addition, RealEC Version 6.5 provides lenders with a new feature designed to make it possible for the lender to track and manage the fees and service levels associated with their settlement services. The fee-tracking module, as it is called, of RealEC Version 6.5 provides the lender with an automated fee tracking and fee reconciliation solution.

Also, Version 6.5 allows the lender to define service-level fees, negotiate fees with each order, report on fee exceptions, manage service levels and track final invoice fee information on completed products.

RealEC Technologies is a majority-owned subsidiary of Fidelity National Financial.

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