RealEC Technologies, a provider of supply chain technology to the mortgage industry, has released new software designed to manage mortgage insurance ordering. The new product incorporates several new features designed to fully automate the allocation and electronic placement of mortgage insurance orders, the company said.
RealEC’s new mortgage insurance tools include a set of provider qualification tools through which the lender can define sophisticated business rules for mortgage insurance program qualification. Through these provider qualification rules, the lender can designate which mortgage insurance company provides the optimal coverage for the specific loan program or loan criteria.
The suite of tools from RealEC also ensures the lender that they will have access to mortgage insurance products even if one mortgage insurance company is unavailable. RealEC’s automated tools can automatically re-route orders to ensure maximum availability.
Additionally RealEC’s opportunity cost allocation models allow the lender to further designate the allocation of Mortgage Insurance orders based upon the opportunity to receive an order, instead of the acceptance of an order. This model provides the lender a process by which they can reward their partners who have greater coverage or more flexible program requirements.
RealEC Technologies has significant equity ownership from Stewart Title Co., Fidelity National Financial and LandAmerica Financial Group.
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