| Frequently Asked Questions |
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Get answers to your questions, training and technical support,
to help make your RealEC experience even more successful
and profitable.
Frequently Asked Questions:
- Who is RealEC?
- Is your company privately held or publicly
held? Who is the largest stockholder and at what percent?
- How long has your company been in business?
- Indicate the number of years of the firm’s
experience in providing products and services?
- What are your support hours? What are your
emergency hours?
- Do you have a user group? How active is
it?
- Is RealEC MISMO compliant?
- Is your portal server’s network environment
a store-and-forward network or does it process the transactions
in real time, as soon as received?
- What transaction exception management is
there?
- What hours is your system available for
transaction processing?
- Is the data passing between you and the
vendor encrypted? If so, how?
- Do you notify your clients of updated service
provider lists and their information (e.g., company name,
address, phone number, fax number, email address, products/services
offered)?
- What is your process and timeline for adding
new service providers? How much involvement does the client
have?
- What type of and how much historical data
do you store?
- Have you developed standard vendor performance
reports that are accessible by the client?
-
What are the
minimum requirements to use RealEC's website?
1.
Who is RealEC?
Response: Founded in 1998, RealEC
Technologies, Inc. provides supply chain management software,
integration services, intelligent 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 e-business with thousands of service providers
while offering more direct connections to settlement service
providers than any other network in
the industry.
2.
Is your company privately held or publicly held? Who is the
largest stockholder and at what percent?
Response:
RealEC Technologies, Inc. has significant equity
ownership from Fidelity National Information Services,
Inc. (NYSE:FIS), Stewart Title Company (NYSE:STC), and LandAmerica Financial
Group (NYSE:LFG).
3. How long has your company been in business?
Response: RealEC was launched in October 1998.
4. Indicate the number of years of the firm’s experience
in providing products and services?
Response: The RealEC platform launched in 1998 and
has processed tens of millions of transactions since then on
behalf of thousands of lenders and their service providers.
During that time, RealEC has established itself as the leading
provider of collaborative network solutions to the mortgage
industry.
5. What are your support hours? What are your emergency hours?
Response:
RealEC standard support hours are from 5:00 a.m. PST to 6:00 p.m. PST. Emergency hours and response are
available 24x7, 365.
6. Do you have a user group? How active is it?
Response: RealEC does not have an organized user group;
the Company has a technology advisory council, which consists
of the technology leaders from the industries leading service
providers. This technology council is responsible for providing
RealEC with feed back and technical direction. RealEC believes
that our customers are our Partners and therefore we periodically
meet with them individually to exchange strategic ideas, evaluate
current performance, and set future priorities.
7. Is RealEC MISMO compliant?
Response: RealEC processes all transactions in XML formats.
RealEC has a highly sophisticated routing and data transformation
engine. RealEC is able to provide the lender with the same
consistent XML data formats from all RealEC providers, regardless
of the formats they support.
RealEC provides the widest options for integration by providing
data mapping, and transformation service for all available
file formats, including common industry formats such as DU
1003 files and MISMO XML files.
RealEC’s standard data formats for interfacing with customer’s
systems is XML, however RealEC provides customized programming
services to support all possible file formats and data transfer
methods. RealEC is an industry expert in development of custom
interfaces to lender’s system. RealEC has a senior, experienced
staff consisting of Mortgage Industry technology professionals.
Given the large
number of existing data integrations already in place at RealEC,
RealEC is the one solution capable of providing lenders
with standardized data formats.
8. Is your portal server’s
network environment a store-and-forward network or does it
process the transactions in real time, as soon as received?
Response: RealEC’s Active Routing Network is an
environment based on message queuing. All messages
received by RealEC are received and routed immediately.
Messages are routed to providers and customers utilizing a
number of transfer methodologies, including secure FTP, Web
Services/HTTP, SMTP, as well as other transfer technologies to
meet our client needs.
9.
What transaction exception management is there?
Response: RealEC’s Active Routing System has transaction
management and error handling embedded in the message processing
processes. Messages with errors or exceptions are escalated
based upon the nature and severity of the error or exception.
10.
What hours is your system available for transaction processing?
Response: The RealEC Network is generally available for
processing of orders from 4:30 a.m.
CST – 12:30 a.m. CST. RealEC also reserves the right
to schedule system downtimes for network maintenance and upgrades.
The system downtimes are schedule and published to our clients.
11.
Is the data passing between you and the vendor encrypted?
If so, how?
Response: The level of encryption
between RealEC and the vendor is based upon the client’s and
the vendor’s requirements for security. RealEC most commonly utilizes
128-bit SSL encryption of the transfer, or PGP encryption
of the contents.
12. Do you notify your clients of updated service
provider lists and their information (e.g., company name,
address, phone number, fax number, email address, products/services
offered)?
Response: The
service provider lists and available services are viewable on
the RealEC website for existing customers. RealEC also has
the ability to provide the client provider listing and provider
coverage information through an XML request service. If the
client wishes to receive this information in a format other
than XML, RealEC can develop services to support other file
formats. The frequency of the provider update is based upon
the clients need.
13.
What is your process and timeline for adding new service
providers? How much involvement
does the client have?
Response: RealEC will facilitate for
the customer / lender the implementation of RealEC with their
preferred RealEC service providers as well as potentially
new provider relationships for both the customer and / or
RealEC.
14.
What type of and how much historical data do you store?
Response: RealEC stores information regarding the transactional
request and the associated status data. RealEC does not store
in its database detailed loan
information. The key index information on the transaction,
information regarding services ordered, and transactional
status updates are stored in the RealEC database. Additional
loan data is passed directly to the
providers. RealEC offers clients a minimum of six months of
historical data and can provide longer periods upon request.
15.
Have you developed standard vendor performance reports that
are accessible by the client?
Response: RealEC provides a standard set of vendor performance
reports; also RealEC can provide
custom developed reports at the client’s request.
16. What are the minimum
requirements to use RealEC's website
Response:
-
Internet
Requirements
- Microsoft Internet
Explorer version 6.0 or higher
-
Adobe® Acrobat®
(PDF)
- Flash viewer
plug-in
- Minimum screen resolution 1024 x 768
pixels
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