news
eLynx announces its Electronic Closing Network for more Collaborative and Accurate Closings for its Lenders and their Customers and to ensure a RESPA-Ready process—Settlement agent transaction platform helps mitigate risk and enhance borrower experience
October 12, 2009
CINCINNATI – October 12, 2009 – eLynx, a portfolio company of American Capital (NASDAQ: ACAS), today announced an innovative electronic closing network (eCN) service that lenders are integrating into their existing closing process to increase loan quality and provide more control in order to meet the government’s new demands for more accurate closings. The move will help lenders ensure borrowers and settlement agents have a better experience at the closing table. A Top 5 U.S. lender/servicer is now in full production with the eLynx eCN, resulting in over 20% of the nation’s mortgage volume already moving through the new system.
In particular, lenders and their customers will benefit from eCN’s settlement agent management component, which provides vital information about the agents who handle the closings, their processes and disbursement. These details, which have traditionally been difficult to obtain, will help lenders accelerate the delivery of the closing package and funds, avoid fraud, service issues and other problems that can be costly to all parties to a closing and negatively affect the customer experience. eLynx reports that over 65,000 of the 300,000 plus settlement agents the company works with have already registered on the eCN system and 100s more are signing up daily.
The industry has traditionally struggled to reconcile the data and documents used within the closing of a home loan through a combination of phone calls, faxes, emails and physical mail. With participation of many industry leaders the eLynx transaction platform enables lenders and other business partners and customers to work together to create a safer and lower cost 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 ways that never existed before. The result is a single view into regulatory compliance, a streamlined process, reduced risk of errors and fraud, and improved customer service.
“More than 98 percent of the industry’s closing agents already use eLynx’s expedite services, and now, through eCN, eLynx can offer detailed information on these vital partners,” said Sharon Matthews, eLynx president and CEO. “This additional data gives our lenders insight into who is interacting with its customers, helps them mitigate fraud more effectively, and ultimately gives them more control over the entire customer experience.”
Besides settlement agent management and score carding, our lenders 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 eNote and eRecording services.
About eLynx
eLynx, a portfolio company of member 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 600 financial institutions including 7 of the top 10 mortgage lenders and more than 100 insurance carriers in the United States. eLynx enables more than 65 percent of the nation’s mortgage closings. In addition, more than 4,000 enterprises worldwide with more than 4 million users in a broad spectrum of industries use eLynx's enterprise document output solutions. The company, founded in 1994, operates nationally with headquarters in Cincinnati, Ohio and offices in Portland, Oregon along with redundant data centers in Beaverton, Oregon and Chicago, Illinois. 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