REALTYDATA FROMS ALLIANCE AND ROLLS OUT DATABASES
January 7, 2002
National Mortgage News
By Kyriaki Venetis

Realty Data Corp., Mineola, N.Y., an aggregator and online provide of title and other real estate-related data, has entered into a partnership with ACS Inc., a business-to-government technology company. The alliance will potentially increase Realty Data's access to data in 500 counties across the United States.

David Drucker, RealtyData's chief executive officer, said while "ACS does not own the land records, they house them on behalf of the counties. With the permission of those counties, we are going to get copies of those databases of court land records.

"With the additional data we have, we are going to be able to provide comprehensive reports like we currently offer in four boroughs (out of five) of New York City."

Realty Data can currently access data from Manhattan, Brooklyn, Queens and the Bronx, to create indexed information and reports on deeds, mortgages and universal commercial codes, by block and lot from 1982-to-date through a daily-updated database.

In those New York areas, the company can also provide indexed information and reports on real property assessment data, bankruptcies, judgments, federal tax liens, and tax history files, among other types of documents.

Outside of New York, RealtyData is currently in over 100 counties, but only provides the images for mortgages, deeds and satisfactions to its clients – companies in the real estate, title, insurance and financial services sectors.

Mr. Drucker said, "We have the bankruptcies, judgments, federal tax liens (and the like) in those areas, we just don't offer them yet because without the land records, they are not that valuable.

"It is our goal, with ACS, to now be able to get the indexing that goes along with those actual images. We are building a library where clients can find what they need to complete their title reports. We are going to look to do that on a national basis over the next year."

Realty Data is now talking independently with the New York counties of Staten Island (the one borough of the city not covered), Nassau, Suffolk, Putnam, Westchester, Monroe and Erie to gain access to their real property records.

The company currently provides data from the counties and municipalities in the states of Arizona, California, Colorado, Florida, New York, Illinois, Michigan, Minnesota, Missouri, Nevada, Oklahoma, Texas, Utah and Washington.

Beyond expanding geographically, RealtyData is also in the process of further developing technologically. In addition to its current stand-alone website, the company is now in the process of developing customized Web pages that will be integrated into the websites of its clients.

The first few customized Web pages are up and running, and RealtyData expects to provide all of its clients with such websites within the next six to 10 months.

Web pages will not only be customized in terms of the look and feel of the individual clients, but they will also be customized in terms of the data needs of clients.

Mr. Drucker said, "Mortgage and banking companies could use our data for marketing lists to get clients". If mortgage servicing departments are buying secondary market loans, they could use our system to do quality control.

"Closing departments can use our records to see if, in fact, satisfactions have been recorded and if mortgages have been satisfied as part of their due diligence processes."

The new area of growth in the company will be facilitated, in part, by a person $2 million dollar investment by Michael Forgas and Richard Hvizdak, principles of National Real Estate Information Services, Pittsburgh.

Mr. Drucker said, "they are board members and they bough and equity stake in the company with that money."

He added, "The money is being used to upgrade our hardware and to create the next generation of software. Right now, when you come to our site, you get one format."

Realty Data earlier this year also took the step of further increasing its visibility in the industry by unveiling its services to the New York Land Title Association at its Spring 2001 Business Education Seminar.

"It was our coming out party," said Mr. Drucker. "You always have a couple of bugs along the way and you want to make sure they are cleared up before you start pushing it out. We had our first beta clients in December 2000, and that is when we really started to make our way."

For PDF version: RealtyData ADDS THREE COUNTIES TO ONLINE DATABASE

Return to RDC In the News