E-Transaction Platform Gets Nearer

Start-to-finish electronic processing of real estate transactions has taken a big step forward.

July 1, 2000

In late May, NAR and Homestore.com announced that a team of the country’s largest real estate and financial services companies has joined with them on the REALTORS® Electronic Transaction Platform. The announcement came during the REALTORS® Midyear Governance Meetings & Expo, May 18–22.

Also joining the initiative are cutting-edge tech companies Wyldfyre Technologies, whose MLS and property photo software will give the initiative unrivaled technical muscle, and RE Formsnet, the Internet real estate forms joint venture of NAR, Homestore, and the CALIFORNIA ASSOCIATION OF REALTORS®.

“We’re creating the platform that we hope will set the standard for the real estate industry,” says NAR President Dennis R. Cronk.

The lineup of industry partners includes some of the heaviest hitters in real estate and mortgage finance: Fannie Mae, RE/MAX, Prudential Real Estate, and GMAC Real Estate and Mortgage Services. And Homestore representatives said at an NAR Board of Directors meeting in May that the door is still open for other real estate companies that want to participate.

Another collaborator is Verisign, the highly regarded Internet company whose payment authentication and verification services provide the backbone of electronic commerce.

With the REALTORS® Electronic Transaction Platform, practitioners will be the nerve center of electronically processed real estate deals. They’ll control the processing of the services involved in a deal, from ordering home inspections to initiating the mortgage, title, and escrow services. Practitioners will also manage contract-to-closing activities.

Microsoft’s HomeAdvisor.com continues to challenge the NAR and Homestore initiative with its Realty Desktop platform, a front-end transaction manager that’s separate from HomeAdvisor’s mortgage initiative. The company in mid-May said it will partner with Interealty, an MLS system developer, to provide the platform to Interealty’s client base, which encompasses about 260,000 brokers and salespeople.

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