RealEC Technologies Inc., a provider of collaborative network solutions, has entered into an agreement with Flagstar Bank for RealEC's suite of appraisal management solutions, which provides greater automation in Flagstar's wholesale and retail channels of origination.
RealEC will integrate Loantrac, Flagstar's loan origination system to the RealEC Exchange, an electronic collaboration platform. According to RealEC Technologies, the Appraisal Management suite will assist Flagstar by delivering an enhanced appraisal management process, including automated appraiser and valuation product selection based on Flagstar's decision criteria and loan data.
A component of the Appraisal Management suite, RealEC's Appraisal Review service provides automated reviews and comparisons of inbound appraisal reports against Flagstar's designated quality control criteria. As a result, Flagstar employees need only manually review exceptions to the established criteria.
‘RealEC's appraisal management solutions will help Flagstar Bank enhance our appraisal management processes,’ says Marni Scott, senior vice president at Flagstar. ‘RealEC's platform and the breadth of service providers they do business with today also give us increased control and flexibility in making ongoing improvements to our vendor management process to bring better service to our customers.’
Source: RealEC Technologies Inc.