Borrowers who refinance or take out home equity loans from Countrywide Financial Corp. can conduct closings from any location with Internet access, now that the lender has licensed RealEC Technologies Inc.’s Web-based closing platform.
RealEC announced today that Countrywide has integrated its Web-based closing service into its TS2 settlement services platform, which uses the RealEC Collaborative Network Platform.
Countrywide’s origination groups can place orders for the Web-enabled closing service with any title and closing service provider that is certified and available through the RealEC network. Orders are fulfilled and completed through the RealEC platform.
The service allows each title and closing provider supporting Countrywide to “control the entire closing process,” RealEC said in a press release, eliminating the need to coordinate with multiple third-party providers. That allows borrowers to schedule closings as early as possible during the application process.
Founded in 1998, Santa Ana, Calif.-based RealEC says it provides services to more than 2,000 mortgage originators and more than 13,000 service providers.
RealEC announced in October 2006 that Countrywide was licensing its settlement services platform, RealEC Exchange.
Last month, RealEC said it had licensed Fidelity National Information Services Inc.’s Web-based closing application, ClosingStream, and integrated it into the RealEC Collaborative Network Platform. According to RealEC, Fidelity NIS has a “significant” equity ownership stake in the company.
RealEC says the RealEC Collaborative Partner Network processes more than 300,000 loans, 600,000 orders, 2 million documents and 7 million unique loan fulfillment events a month.