Seven of the largest and most respected organizations in the real estate industry: GMAC Real Estate and GMAC Mortgage, WyldFyre, Fannie Mae, RE FormsNet, VeriSign, Prudential and RE/MAX, have joined forces to build the Realtors® Electronic Transaction Platform, an innovative online system designed to facilitate and streamline the steps involved in closing the purchase or sale of a home.

The Realtors® Electronic Transaction Platform is designed to provide Realtors® and other transaction participants with a Business-to-Business platform for ordering services, coordinating the closing process, and exchanging data and documents. To achieve the scale and adoption necessary for such a system, Homestore.com and NAR are collaborating with key industry participants and financial and technology leaders. The Realtors® Electronic Transaction Platform will also be designed to provide integrated software to help real estate professionals manage and streamline the contract-to-close activities.

Homestore.com and NAR intend to incorporate technology from Wyldfyre Technologies -- a recent acquisition of Homestore.com. The three organizations signing on as charter investors and the three entities committing their support as endorsers represent some of the most important players of the real estate industry. They are contributing financial and informational resources and expertise to a program which will be designed to accelerate, streamline and make the complex home buying process more cost efficient. Together, the founding investors and the endorsing parties expect to commit capital, expertise and other assets valued approximately at $150-$200 million towards the development of this platform over the next twelve months. SOURCE: Homestore.com, Inc

Published: May 19, 2000

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