Collaboration Fosters Transition to E-Mortgages.

NEW YORK -- As various electronic partner networks link up more and more providers, they can be extended to help lenders reach a total e-mortgage. RealEC Technologies hopes to take advantage of the data it passes between partners to help lenders automate more parts of the mortgage lifecycle.

"Initially this was about connectivity," explained Dan Sogorka, president of RealEC. "We did the one to many piece to fill everything in, but as we got more customers it became a many to many deal. We got increased visibility and started to look to standards. We found space between the loan origination system and the service providers to carve out both integration and functionality to allow for true collaboration. We focused on workflow, aggregation of data and using data to drive processes.

"Once you have everything you need in a data format, you can bring in other pieces so you never have to paper out. Another thing you can do is plug in related products and services to work off the data, like fraud detection tools for example. So we're focusing on collaboration, moving everything to data and moving to a lights-out process."

Founded in 1998, RealEC Technologies provides supply chain management software, integration services, product decision tools, vendor sourcing tools and a robust B2B exchange for mortgage loan originators, real estate agents and settlement service providers. The company's products and services are designed to automate the origination, servicing, statusing and closing of real estate transactions.

Through one connection, the RealEC Exchange enables mortgage originators to conduct e-business with thousands of service providers while offering more direct connections to settlement service providers than any other network in the industry. RealEC Technologies has significant equity ownership from Fidelity National Information Services Inc., Stewart Title Co. and LandAmerica Financial Group.

The depth of the connections RealEC can offer was greatly facilitated by the acceptance of industry standardization though MISMO, but in most cases RealEC extends MISMO to perform core ...