Frequently Asked Questions

Service Provider Perspective:

1. Service Provider: Why are we required to sign up with RealEC?
   
   
2. Service Provider: I already have a perfectly good way of fulfilling orders including sending documents electronically via email (or through a web site). Why should I change my process?
   
   
3. Service Provider: What are the fees associated with using the RealEC Exchange?
   
   
4. Service Provider: How will I be billed for using the RealEC Exchange?
   
   
5. Service Provider: If we are charged these fees upon accepting the order, what happens when the loan fails to close?
   
   
6. Service Provider: How much exposure to other lenders does this exchange really offer me?
   
   
7. Service Provider: These sound like it may be “technologically challenging.” Will using RealEC lower my productivity level?
   
   
8. Service Provider: I understand how this will benefit lenders, but are there any benefits for me?
   
   
9. Service Provider: What are the minimum requirements to use RealEC's website?
   

1. Service Provider: Why are we required to sign up with RealEC?

Response: Your Customer has a business relationship with RealEC and they have selected RealEC to provide standardized connectivity and ordering processes with all their preferred service providers.

2.  Service Provider: I already have a perfectly good way of fulfilling orders including sending documents electronically via email (or through a web site).  Why should I change my process?

Response:  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).  The RealEC Exchange allows service providers the ability to order, fulfill and track status for various customers using a single application without incurring the cost to maintain or enhance software, hardware or proprietary websites.

3. Service Provider: What are the fees associated with using the RealEC Exchange?   

Response:  There is a nominal technology delivery fee associated with every order accepted by a service provider, or for use of other RealEC services. Standard order processing fees range from $0.25-$12.50 depending on the product accepted. Fees for use of additional services will apply. Please refer to the RealEC Fee Schedule by clicking here.

4.  Service Provider:  How will I be billed for using the RealEC Exchange? 

Response:  RealEC invoices service providers on a monthly basis for all accepted orders.

5.  Service Provider:  If we are charged these fees upon accepting the order, what happens when the loan fails to close?

Response:  This technology delivery fee is often equated to the cost of doing business in an electronic 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.

6. Service Provider: How much exposure to other lenders does this exchange really offer me?   

Response:  All lenders using the RealEC Exchange as well as any of the RealEC portal and aggregator partnerships have access to the service providers registered on the Exchange.  Once a service provider is on the network, every lender using RealEC directly or through one of our partnership relationships has the ability to order from that provider.  However, service providers must still work with lenders to negotiate pricing, SLAs, etc. prior to the lender placing their first order.

7. Service Provider:  These sound like it may be “technologically challenging.”  Will using RealEC lower my productivity level? 

Response:  Not at all.   RealEC was designed to be intuitive.  Its functionality (the ability to fulfill services in a standardized format for multiple customers from one central location), should increase productivity. 

8. Service Provider: I understand how this will benefit lenders, but are there any benefits for me?   

Response:  Yes, the following is a list of benefits to service providers on RealEC:

-         Ability to offer your customers a web-enabled technology solution and compete with large national providers from a technology advantage.

-         Standardized formats and interface for service providers allowing you to service multiple customers with different requirements.

-         Reduced software and infrastructure costs as well as the elimination of overnight and courier expenses.

-         Private Label options for providers interested in providing a fully branded and bundled product experience to their customers.

-         Documented and time-stamped event history including status of orders that eliminates much of the telephone follow-up providers currently engages in with their customers.

-         Standardized turn-time reports allowing provider's access to the same reports their lenders and customers use in measuring turn-times.

9.  Service Provider:  What are the minimum requirements to use RealEC's website? 

Response: