news
eLynx reports eClosingNet gaining traction, approaching 100,000 registered closing agents with over one-third of the nation’s loan production now flowing through eCN
February 02, 2010
CINCINNATI – February 02, 2010 – eLynx, a portfolio company of American Capital (NASDAQ: ACAS), today announced that its innovative eClosingNet (eCN) service has gained industry acceptance quicker than anticipated. Last October, eCN was launched with one Top 5 U.S. lender/servicer in full production, accounting for more than 20% of the nation’s mortgage volume. Since then, the network has been attracting more lenders, including a second Top 10 U.S. lender. The platform, which now connects originators to nearly 100,000 closing agents, is now helping to close more than one-third of the industry’s total loan volume.
eCN has made it significantly easier for lenders to reconcile the data and documents used in the loan closing process. Instead of relying on a combination of phone calls, faxes, emails and physical mail, eCN provides direct, secure connections between parties, including the systems in use at the nation’s largest title underwriters. Closing agents are rapidly registering on the platform because it provides an agent-centric view by lender, giving them greater control over their own workflows. Lenders can track closing agent data to ensure the good standing of all agents. Both lenders and title underwriters are benefiting from the eCN platform’s ability to generate and deliver electronic closing protection letters (CPLs), which is saving both time and money.
“We are pleased that the nation’s leading lenders are seeing the value eCN brings to the industry,” said Sharon Matthews, eLynx president and CEO. “Lenders are working hard to comply with the government’s requirement for more accurate closings and eCN is the solution. The additional data eCN provides is helping our customers mitigate fraud and create a better customer experience.”
Built on eLynx’s expedite™ platform, the most widely used network for secure document collaboration and distribution in the financial services industry, eCN connects disparate industry parties – and their supporting systems – in a secure, transparent manner the industry has not seen before. The result is a single view into regulatory compliance, a streamlined process, reduced risk of errors and fraud, and improved customer service.
Besides settlement agent management and score carding, lenders on the eCN network can take advantage of the unprecedented connections eCN creates among closing partners to monitor loan progress and performance, facilitate the closing protection letter, collaborate with partners to reconcile HUD statements online, receive notification of potential multi-lien fraud and provide seamless access to recording services.
About eLynx
eLynx, a portfolio company of American Capital (NASDAQ: ACAS), provides the most widely used network for electronic document collaboration and distribution services for the financial services industry. Enterprises use eLynx to capture and maintain data electronically throughout the document life cycle, automating paper-intensive processes, improving workflow, reducing costs and ensuring compliance with industry regulations. eLynx serves more than 500 financial institutions, including 7 of the top 10 banks and has processed over 45 million loans. Over 4,000 enterprises worldwide, comprising more than 4 million users in a broad spectrum of industries, use eLynx's enterprise document output solutions daily. The company was founded in 1994 with headquarters in Cincinnati and offices in Portland, Oregon. It maintains redundant data centers in Beaverton, Oregon and Chicago. For more information, visit www.elynx.com.
# # #
Company Contact:
Robert Nilsson
Vice President of Marketing and Market Development, eLynx
rnilsson@elynx.com
Media Contact:
Rick Grant
800-979-9049
570-497-1026 (cell)
rick@rickgrant.net