RISMEDIA, Oct. 18, 2007-RealEC Technologies Inc., a provider of collaborative network solutions in the mortgage industry, announced it has entered into an agreement with RBC Centura Bank, a wholly owned subsidiary of Royal Bank of Canada, to provide RBC Centura with RealEC’s suite of settlement service order and vendor management solutions.
RealEC will begin integrating it systems immediately into RBC Centura, including the RealEC ExchangeTM, RealEC’s industry-leading settlement services platform, as well as value-added components, including iSelectTM, RealEC’s powerful decision engine. iSelect automates the selection of the appropriate provider and product for an individual loan and makes the optimum product selection decision through a predefined set of criteria established and maintained in real time by RBC Centura.
“RealEC’s network provides RBC Centura with access to the best available real estate vendors, products and services,” said Brent Bizyak, vice president of retail credit at RBC Centura Bank. “RealEC’s solutions also give us control to quickly switch products and providers, based on performance, and that allows us to continually improve our service to our clients.”
RealEC operates the RealEC Exchange, the leading electronic partner network (EPN) in the mortgage industry, and provides partner connectivity, automated vendor management, advanced data capture and document management services to more than 2,000 mortgage originators (including 17 of the top 20) and more than 13,000 service providers. RealEC’s services enable lenders and their business partners to electronically connect, collaborate and automate their business processes to eliminate paper, manual processing and other sources of friction in the origination and servicing of mortgage loans.
“By implementing our industry-leading settlement services and management solutions, RBC Centura will be able to further streamline its lending process, eliminate inefficient practices and reduce the time required to manage settlement services,” said Dan Sogorka, president of RealEC Technologies. “We are excited about this new partnership and look forward to working with RBC Centura to help it achieve a new level of cost savings and process efficiency.”
For more information, visit www.realec.com.
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