What is RealEC?
Founded in 1998, RealEC Technologies, Inc. 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 and enable real estate transaction participants to significantly enhance their business by increasing operational efficiencies, improving customer service and generating new sources of revenue. Through one connection, the RealEC Exchange enables mortgage originators to conduct business with thousands of service providers while offering more direct connections to settlement service providers than any other network in the industry.
Do I have to use RealEC? I am currently sending documents and products electronically via email or through my website so why do I need to change my process?
Your customer has a business relationship with RealEC and they have selected the RealEC Exchange to provide a standardized connectivity and ordering processes to all their preferred service providers. While electronic delivery, via a web site or email, increases productivity for you, your customers are forced to manage orders across many different systems (some of which include manual processes).
Why should I use RealEC? What are the benefits to me?
The RealEC Exchange offers service providers the ability to fulfill and track status for various customers using a single application without incurring the cost to maintain or enhance software, hardware or proprietary websites. The benefits to service providers include:
Can I get a list of the lenders currently doing business on RealEC?
For confidentiality reasons, the list of lenders using RealEC is not available for public distribution. RealEC offers the service provider exposure to all lenders currently using RealEC.
How much exposure to other lenders does this exchange really offer me?
All lenders and RealEC partnerships using the RealEC Exchange have access to the service providers registered on the Exchange. Once a service provider is on the network, lenders using RealEC directly or through one of our partnership relationships has the ability to order from our providers. However, service providers must still work with lenders to negotiate pricing and Service Level Agreements prior to the lender placing their first order.
What are the costs to sign up on RealEC? Is there an annual fee?
There is a one-time registration fee to sign up for the RealEC Exchange. You will also be charged a nominal technology delivery fee associated with every order accepted, and for use of other RealEC services. To view the current fee schedule, click here.
Why do I have to pay a registration fee? What do I get for it?
Service providers interested in signing up for the RealEC Exchange are charged a registration fee. This fee includes the registration and access to the various training options offered by RealEC.
How and when will RealEC bill me for the registration and transaction fees?
In order to complete your registration, you will be asked to provide a valid credit card. This credit card will be billed for the registration fee. Transaction fees are billed on all orders directed to you that have either been accepted or have not been rejected within 72 hours. The billing period is defined as the first day of the month to the last day of the month. These transaction fees will also be billed to the credit card you provided during online registration.
What credit cards are accepted? Can I change the credit card I have on file with RealEC?
RealEC currently accepts MasterCard and Visa. You have the ability through your account admin (setup) section to change the on-file credit card information.
How do I register with RealEC if I do not have a credit card?
If you are unable or choose not to provide your credit card information, you will be billed the registration fee plus an annual fee for the service of monthly paper invoicing. You will continue to receive monthly invoices via paper and will be automatically charged annually for this service.
If I am charged these transaction fees upon accepting the order, what happens when the loan fails to close?
The RealEC transaction fee is often considered the cost of doing business in a Web environment and is not reliant on the loan closing – just like other fees you might incur, including delivery or courier charges, they are not refunded if a loan does not close.
Does the lender pay any RealEC fees?
Lenders may be subject to various fees and various other costs associated with their use of RealEC.
Can I include the RealEC fees in my product costs to the lender?
The business and financial relationship you work out with your customer does not involve RealEC. It is between a provider and their customer whether or not the provider will pass on the RealEC transaction fees in the product costs.
What software am I going to need?
There is no software required to use the RealEC Exchange. Internet Requirements:
How do I sign-up on RealEC? How long does the online registration process take?
Registration for RealEC is located at www.realec.com. The link for registration is located under the "Solutions for Service Providers" section. Please click on "Sign-up now." RealEC registration should take only a few minutes to complete. Please make sure you have all the necessary information in front of you before starting the process.
What information will I need for the registration?
What if I am in the process of registering on your website and need assistance?
RealEC has a Registration Reference Guide available upon request.
How do I know which network to select during my registration?
The RealEC Signup Request you received from your customer or from RealEC should provide you with information on which network to select during your registration. If you are still unsure, please contact RealEC or your customer. Your email requesting assistance from RealEC should provide:
Do I have a promo code?
If you were assigned a promo code, the code would be provided to you in the RealEC Signup Request information you originally received from your customer or RealEC.
How many users and logins should I set up during registration?
We recommend you setup a login for each user within your organization that is responsible for the handling of your customer’s orders on RealEC. It is not required that you setup multiple logins so if you would prefer, you can setup one login for use by all users.
What products should I sign up for?
Service Providers are encouraged to sign up for ALL products they currently support and not limit the products to a specific customer.
The RealEC product names are different than my product names so, I how do I know which ones to select?
RealEC selects general names for the products on RealEC. However, we do realize one product may have several different names depending on the provider offering the product. Please use your best judgment and select as many products as you are comfortable in setting up. Your customer may also be able to provide assistance in advising which RealEC products they will be ordering from you. You can always make changes to the products you offer and the service areas you support through the admin (setup) section of your account after your registration is complete.
Can I sign up for specific zip codes within a county if I do not support the entire county?
If you currently support only selected zip codes within a county, please set yourself up to support the entire county. This will enable your lender to order products from you in those zip codes you do support. Should you receive an order for a property in a zip code you do not support, you can reject the order within 72 hours and RealEC will not charge you a transaction fee.
What are notifications? Which ones should I set up?
RealEC offers email notification of selected important events that occur on RealEC like new order notification, comments sent to you by your customer and order cancellations. We suggest all providers be setup for the following events:
There may be additional events you will need to add at a later date specific to a customer. Additional information on any lender specific requirements is available from RealEC.
Can I have notifications sent to more than one email address?
Yes, RealEC supports the sending of notifications to more than one email address.
After I have completed the registration, how does my lender know I am registered?
RealEC maintains a record of your registration and for some of our lenders, we may provide provider registration information. However, we suggest you contact your lender directly and advise them you have completed the RealEC registration.
What is the RealEC Party ID on my Registration Confirmation Page?
You should consider your RealEC Party ID your account number with RealEC. It is very important you save this information for any future correspondence with RealEC. You will be asked for your RealEC Party ID when you contact RealEC support or client services.
How do I use RealEC?
If you will be using the RealEC network, you will access the RealEC website with the login you established during your online registration. The RealEC website was designed to be intuitive and easy to use. NOTE: The other networks on RealEC may use a different process. Please contact your selected network directly if you have any questions on how to receive and process orders.
Does RealEC provide training on how to use the RealEC website to get my orders and return products?
Online Flash Training and Quick Reference Guides are available on our website. Access to the flash training and reference guides is available after you login and located under the "Training" link in the upper right hand corner of your screen. In addition, RealEC offers weekly scheduled web training sessions. You may register for one of these free sessions by submitting a request to RealEC. Please be sure to include ALL the information below to ensure timely processing of your request.
RealEC will respond to your request with the available dates and times along with the call-in information for the training sessions.
How will I know when I have a new order?
If you have setup email notification for new orders, an email will be sent to the email address we have on file for notifications advising you that you have a new order in RealEC.
When I am accepting an order in RealEC, I am asked for a "confirmation" number. What is the confirmation number?
The confirmation number should be a number that you use to internally track your files. Entering a confirmation number is required to accept your order. The confirmation number can be text, numeric or a combination.
Should I use RealEC to send the comments and status on my orders?
RealEC should be used to send the status on orders to your customers. It is also strongly suggested you send comments via RealEC as well. In some cases, your customer may require you send the comments and order status only through RealEC.
How is the turn-time for an order or service calculated?
RealEC calculates turn-time on your order from the time the lender places the order and ends when you complete the order by uploading your product with our "Complete Product" feature.
Does RealEC select the provider/vendor for the orders? Is there an approved list of providers I need to be on in order to receive new orders?
RealEC is a technology company and not an appraisal or vendor management company. When we receive an order request from a lender, it includes the provider they want RealEC to send the order to. Your customers will continue to determine which orders you will receive.
Do I have to return my products and documents through RealEC? Do they have to be in PDF format?
RealEC lenders require all providers to return products and documents through RealEC. Most lenders prefer the products and documents in a PDF format. However, RealEC can support many formats including Word, Excel, etc.
If I have questions about the order I received or if some of the order information is missing or incorrect, whom should I contact?
Providers should contact their customers directly if they have any questions about the contents of the order or if the order is missing critical information.
Should I contact RealEC if I have technical support questions about the RealEC website or if I need assistance in using RealEC to meet my lender’s requirements?
It is appropriate to contact RealEC if you are experiencing technical difficulties with the RealEC website. RealEC may also be able to provide assistance and guidance if you have questions about how a specific lender would like for you to use RealEC in the handling of orders.
Will RealEC review my work or alter the product or data I submit via RealEC?
RealEC will not review your products or data. It is our role to simply serve as the technology solution enabling lenders and their providers to conduct business with one another electronically. The products and data belong to you and your customer and not to RealEC.
How do I invoice my lender for the products and services I have provided to them via RealEC?
Unless your customer advises otherwise, you will continue to invoice and bill for your products using the method you currently use.
Can I return my appraisals through Mercury or ACI if I am a member of their network?
Yes, it may be possible for you to receive orders and send completed products through the Mercury or ACI network. Please contact Mercury, ACI or RealEC for further information.
Can I sign up one of my lenders on RealEC?
RealEC encourages providers to discuss the RealEC technology solution with their customers. We believe our providers gain additional value from their RealEC relationship as they continue to increase the amount of business they are conducting via our technology. Should you need information on how to present and sign up one of your customers, please contact us and we will be happy to assist you.
Who do I contact at RealEC after I’ve registered for any questions or assistance I may need in the future?
Technical and registration support 1-877-2-RealEC.