News - iProperty.com alliance with RealEC
RealEC and iProperty.com Online Alliance will Shorten the Home-Buying Process
RealEC Features Allow Real Estate Professionals to Electronically Choose from a Broad Array of Service Providers
SANTA ANA, Calif., Feb. 23 /PRNewswire/ -- iProperty.com today announced a strategic alliance with RealEC, Inc. as part of the development of its comprehensive transaction management technology. The company's Chorus(SM)
solution is an Internet application that links REALTORS(R), lenders, service providers and consumers in order to streamline residential real estate transactions.
The RealEC technology will give iProperty.com's mortgage partners and real estate agents the ability to electronically order, track and receive title and certification products from both local and national closing service providers.
REALTORS(R), lenders, closing service providers and consumers can access the data in real time and monitor the status of the closing process. The Chorus technology will ultimately reduce the time to close on a property from months to a few weeks.
"This alliance provides real estate professionals with an online, integrated method of ordering title, appraisal, certification and escrow services," said Doug Dayhoff, chief executive officer of iProperty.com. "This alliance has great synergy. RealEC focuses on back-office automation and closing services, while iProperty.com focuses on front-office deal flow and customer relationship management," he said.
iProperty.com's Chorus technology enables REALTORS(R) to create a customized, secure Web site for each homebuyer and seller with a few simple keystrokes. The site then provides a one-stop workspace for REALTORS(R), homebuyers and sellers, lenders, and closing service providers to collaborate and communicate in a property sale.
"We're very pleased that iProperty.com will provide real estate professionals with an integrated solution that incorporates the power of RealEC's e-commerce exchange through this collaboration," said Jeff Sanderson, president of RealEC, Inc. "RealEC and iProperty.com share a common vision of how the Internet will continue to reduce the complexity and expense associated with real estate transactions."
RealEC provides online access to service providers by using a common Internet-based infrastructure rather than a private network or proprietary system. The RealEC exchange provides title services, automated property valuations, escrow services, flood certifications, appraisal services, closing services, centralized funding services, tax notification services and credit reporting.
About iProperty.com
iProperty.com is the leading developer of Internet marketplaces for the residential real estate industry. A business-to-business hub, their Chorus transaction management solution streamlines the home-buying process by electronically linking all the participants via the Internet. This technology provides REALTORS(R), lenders and closing service providers with an integrated solution for managing contacts, listings and closings. The Chorus technology creates a common workspace to facilitate data sharing and to simplify the complexities of the process. Based in Bloomington, Ind., iProperty.com merged with RISCO, a Kansas City-based multiple listing service (MLS) provider. The merger creates the nation's third-largest MLS company serving more than 55,000 REALTORS(R) in 40 states.
About RealEC, Inc.
RealEC, Inc. develops, operates and maintains a secure business-to-business electronic commerce exchange -- connecting more than 200 customers with more than 700 service providers -- used to orchestrate real estate
settlement services. The company is owned by Santa Ana, Calif.-based Micro General Corporation (OTC Bulletin Board: MGEN) and Houston-based Stewart Title Company, an affiliate of Stewart Information Services Corporation (NYSE: STC).
For more information on RealEC, visit realec.com.
About MicroGeneral Corporation
A full-service enterprise solutions provider, Micro General Corporation (OTC Bulletin Board: MGEN), offers a complete range of information technology services, encompassing proven solutions in systems integration, application development, real estate industry applications, and e-commerce. The organization offers fast-growing solutions that maximize mission-critical solutions to national and international companies. Micro General has uniquely
positioned itself as an international e-communications solutions provider composed of the following business units: ACS Systems, Inc.; Escrow.com; and L.D. Exchange, Inc. The company delivers both domestic and international
termination services and offers a full suite of retail business telecommunications services. To learn more about Micro General Corporation visit the Website at microgeneral.com.
About Stewart Information Services Corporation
Stewart Information Services Corporation provides title insurance and related services through more than 4,800 issuing locations in the United States and several international markets. A leading provider of real estate
information technology and connectivity, Stewart meets the needs of the real estate and mortgage industries through the electronic delivery of services required for settlement. These services include title reports, flood determinations, property appraisals, document preparation, credit reports and other real estate information. In addition, Stewart provides expertise in tax-deferred exchanges, surveys and field services.
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