Customers Can Access Chicago Title Products Through RealEC
CHICAGO, Nov. 18 /PRNewswire/ -- Chicago Title Corporation (NYSE: CTZ)
today announced a service provider agreement with RealEC, Inc. -- a secure
business-to-business electronic commerce exchange used to order and deliver
real estate settlement services -- whereby customers will now be able to use
RealEC technology to electronically order, track and receive Chicago Title's
flood, title and appraisal products.
This business arrangement is reciprocal because not only will Chicago
Title customers be able to exchange and complete products electronically, but
RealEC customers also will be able to receive real estate settlement services
electronically from Chicago Title.
"This agreement enables a broader range of customers to access our core
services offered through our state-of-the-art Electronic Spine technology,"
said Jeff Wilson, executive vice president for Chicago Title. The Electronic
Spine, unveiled at the recent Mortgage Bankers Association convention, allows
customers to order, track, receive and be billed for all Chicago Title
products with a single electronic connection.
"Chicago Title is a valuable addition to the growing list of RealEC
Service Providers and represents an important step forward as we work to
establish an electronic commerce standard for the real estate industry," said
Patrick F. Stone, president and COO of Fidelity National Title Insurance
Company and RealEC, Inc. board member.
The RealEC exchange provides access to a variety of customers (lenders,
Realtors(R), builders and relocation companies) by using a shared,
multi-platform public infrastructure rather than a private network. 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
services.
About Chicago Title
Chicago Title Corporation, through its subsidiaries provides title
insurance, escrow and closing services, as well as property valuation, credit
information, flood compliance, property information/inspections and default
services through a network of more than 340 offices and approximately 4,100
agents nationwide. Chicago Title Corporation's title insurance subsidiaries
-- including Chicago Title Insurance Co., Ticor Title Insurance Co. and
Security Union Title Insurance Co. -- issue approximately one in every five
title insurance policies in the United States. Subsidiaries furnishing other
real estate-related products include Chicago Title Flood Services, Inc.;
Chicago Title Credit Services, Inc.; Chicago Title-Market Intelligence, Inc.;
Chicago Title Field Services, Inc. and Consolidated Reconveyance, a division
of Chicago Title Insurance Co.
About RealEC, Inc.
RealEC, Inc. operates and maintains a secure business-to-business
electronic commerce exchange used to order, status and return real estate
settlement services and products. The company is owned by Houston-based
Stewart Title Company and Santa Ana, Calif.-based Micro General Corporation
(OTC Bulletin Board: MGEN).
SOURCE Chicago Title
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CONTACT: Stephen Flanagan of Chicago Title, 312-223-2959, or flanagans@ctt.com
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