Stewart Information Services Corp. (NYSE:STC) and Fidelity National Financial Inc. (NYSE:FNF) are jumping into the real estate electronic commerce game with a new network designed to order and deliver real estate information services.

The network, RealEC, will allow real estate customers to electronically select a broad array of products and services necessary to close real estate transactions.

Stewart and Fidelity expect to launch the network on December 1, 1998.

``Advanced technology and a commitment to improve the real estate closing process have combined to produce RealEC, while simultaneously providing customer choice for closing services,'' said Stewart Morris, president of Stewart Title Co. ``Many of our customers want the productivity improvements available through electronic access to services and like the convenience of one-stop shopping.

"But some also prefer to select specific vendors for certain services. RealEC will provide the convenience of bundled services while giving customers the choice they want," Morris said.

RealEC is a blending of technologies developed by Stewart Mortgage Information, a Stewart subsidiary, and Micro General Corp., a Fidelity affiliated company.

The network integrates each company's existing system to to connect all parties in the real estate transaction. RealEC can interface with loan origination software systems, Windows-based ordering systems, Internet access and delivery, third-party networks, FNMA Desktop Underwriter support, real estate office systems, back-end title and escrow production systems and an Internet-based document repository to provide on-line access to the documents related to real estate transactions. The system will also provide status reports 24 hours a day.

``The development of RealEC is a direct response to the needs of our customers for open electronic commerce in the real estate transaction services industry," said , Patrick F. Stone, COO of Fidelity National Financial. "By providing multiple products and services from multiple vendors, RealEC addresses concerns about exclusivity and makes it possible for our customers to access transactional services electronically through an integrated one-stop shopping platform.

The combination of Stewart's and Fidelity's electronic commerce systems, SureClose and FlexNet, provides for full nationwide coverage, and the choice between multiple vendors. The RealEC network will initially provide title services, escrow services, flood certifications, appraisal services, automated property valuations, document preparation, centralized funding services, MERS registration services, tax notification services and credit reporting services.

``In creating an open environment and cooperative multi-vendor effort, RealEC is a landmark alliance that sets the standard for the future development of real estate related electronic commerce,'' Stone said.