SMR/Info1 Provides Real-Time Credit Reporting for RealEstate.com

Business Wire, Oct 11, 1999

ATLANTA and BOSTON--(BUSINESS WIRE)--Oct. 11, 1999--

Credit reporting time reduced to seconds

Southern Mortgage Reporting (SMR), the southeastern regional affiliate of INFO1, has been selected to provide real-time credit reporting for RealEstate.com's Mortgage Auction (sm), the company's real-time competitive auction site for home loans. Now, when a consumer submits an application through Mortgage Auction, bidding lenders have access to the applicant's detailed credit information in seconds (the borrower's privacy and identity are protected by the automatic removal of the name, address and Social Security number from the credit report).

Prior to using SMR's credit reporting services, RealEstate.com used an analog dial-up connection to download credit reports. This meant that the consumer's complete application may not have been posted for lenders to review until the following morning. Now, within seconds of the consumer clicking the submit button, a detailed, anonymous credit profile is automatically attached to their loan application. Lenders bidding through the site are able to make quicker and more educated bids, and consumers can take advantage of higher quality offers from lenders who have received quick access to their complete credit history.

Patricia B. Taylor, Executive Vice President of Operations for RealEstate.com, said, "We are continually updating and enhancing our services to provide consumers and industry professionals with comprehensive services. Through our agreement with SMR, we will be able to handle our Mortgage Auction back end operations more quickly and efficiently."

According to John Simon, director of information services for INFO1, by tapping into INFO1's pool of technology, SMR quickly implemented an enterprise-class, mission critical credit interface for RealEstate.com. The interface employs a secure TCP/IP socket connection facilitated over a secure Internet VPN (virtual private network). SMR/INFO1 is a leader in providing credit reporting over the Internet, and exceeds the security requirements mandated by Equifax, Experian and TransUnion for the delivery of consumer credit data over the Internet.

Larry Aronson, senior vice president for Pine State Mortgage in Atlanta, is an SMR customer and has been bidding for loans through RealEstate.com's Mortgage Auction since its inception. "Pine State chose Southern Mortgage Reporting because of the company's great service, technical savvy and reputation for easy-to-read, accurate credit reports," Aronson said. "It's great to know that RealEstate.com has similar criteria for choosing its vendors and that I can now access the same high standard of service when bidding through Mortgage Auction."

"SMR/INFO1 helped establish policies governing Internet-based credit reporting," said Kyle McMahan, CEO of SMR. Real-time auctions demand real-time credit reporting, and we are pleased we can provide that for RealEstate.com."

About RealEstate.com

Headquartered in Atlanta, RealEstate.com, Inc. is an Internet-based company dedicated to empowering consumers and industry professionals in all aspects of the real estate transaction. RealEstate.com offers an integrated suite of Web-based tools, including Mortgage Auction(sm), Home Search, Property Analysis(sm) and Appraisal and Closing Servicessm for consumers as well as real estate and mortgage industry professionals nationwide. RealEstate.com is not affiliated with any mortgage lending, real estate brokerage or trade organization, and therefore can provide consumers with objective information, helping them to make informed decisions in their real estate transactions.

About SMR

Southern Mortgage Reporting is the southeastern regional affiliate and headquarters of one of the largest providers of credit information to the mortgage industry, INFO1. With ten regional offices across the United States, the company provides advanced electronic data interchange (EDI) services, secure Internet and private Wide Area Network connections. In addition to their complete line of credit products to lenders, SMR/INFO1 also sells reports from Equifax, Experian and TransUnion directly to the public. Additional products and services include flood zone determinations, electronic income and employment reports (VIE) and Tax Return Verifications. The company is an approved vendor to Fannie Mae's Desktop

Underwriter(r)/Desktop Originator(r) via the MORNETPlus network and is a Freddie Mac Goldworks(r) 24k Service Provider.

For more information on INFO1 or any of its products contact, Kyle McMahan, at (800) 989-1056 ext. 121, or email kylem@info1.tm. You may also write INFO1 at 6010 Dawson Blvd., Norcross, Ga. 30093 or visit the company's Internet site at www.INFO1.tm.