SANTA ANA, Calif. -- (March 16, 2009) – RealEC Technologies Inc., the leading provider of collaborative network solutions to the mortgage industry, today announced surpassing a historic 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 robust appraisal management solution, which is fully compliant with the Home Valuation Code of Conduct (HVCC). Using RealEC’s appraisal management solution ensures lenders’ readiness for the May 1, 2009, effective date for compliance with the HVCC.
RealEC’s appraisal management solution offers lenders a comprehensive appraisal ordering and processing solution, including a standalone or integrated order placement portal, existing data connections to all national appraisal firms, appraisal software packages, quality control processes and access to thousands of independent appraisers. The solution effectively enables compliance and automation throughout the appraisal order and fulfillment process.
Unlike other appraisal solutions in the marketplace, the RealEC Appraisal Management suite is optimized for lenders and appraisal management companies. While continuing to provide robust solutions for individual appraisers will remain important for RealEC, the RealEC platform is unrivaled in the market for also allowing lenders to effectively manage appraisal management companies.
“RealEC’s HVCC-compliant appraisal management suite has allowed Flagstar Bank to quickly take the necessary steps to meet the requirements of the HVCC,” said Marni Scott, senior vice president at Flagstar. “We believe our selection of RealEC also positions our business well to make any needed adjustments as the market continues to evolve.”
“RealEC continues to surpass new milestones for growth, value and utility for our clients,” said Dan Sogorka, president of RealEC Technologies. “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.”
About RealEC Technologies
Founded in 1998, RealEC Technologies provides supply-chain-management software, integration services, intelligent product-decision tools and vendor-sourcing tools. RealEC’s robust 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 operates the RealEC Exchange™, the leading collaborative partner network in the mortgage industry. RealEC Technologies is majority owned by Lender Processing Services, Inc. (NYSE: LPS). For more information, visit www.realec.com.
About Lender Processing Services
LPS is a leading provider of integrated technology and services to the mortgage industry. LPS offers solutions that span the mortgage continuum, including lead generation, origination, servicing, portfolio retention, risk management and default, augmented by the company's award-winning customer support and professional services. Approximately 50 percent of all U.S. mortgages are serviced using LPS' MSP. In fact, many of the nation's top servicers rely on MSP, including seven of the top 10 and 16 of the top 20. LPS also offers proprietary mortgage and real estate data and analytics for the mortgage and capital markets industries. For more information about LPS, please visit www.lpsvcs.com.
Investor Contact: Parag Bhansali, 904.854.8640, parag.bhansali@lpsvcs.com
Media Contact: Michelle Kersch, 904.854.5043, michelle.kersch@lpsvcs.com