eLynx adds appraisal delivery solution to document collaboration platformMortgagePress.comeLynx, HVCC, American Capital, expedite, Home Valuation Code of Conduct, Sharon Matthews
eLynx, a portfolio company of American Capital and provider of
secure electronic document collaboration and distribution network
for the financial services industry, has announced a new appraisal
delivery solution has been added to its expedite platform to
provide for new appraisal disclosure requirements in the Home
Valuation Code of Conduct (HVCC). The solution enables lenders to
comply with the new requirement while meeting communication
preferences of their borrowers. The eLynx appraisal delivery
solution is already in production at multiple lender customers and
is available to all eLynx customers who utilize the eLynx expedite
platform.
"The new rule goes into effect on May 1, 2009, and many lenders
are still looking for a solution," said Sharon Matthews, eLynx
president and CEO. "The GSEs will not buy loans from any originator
who fails to comply with HVCC. In our effort to serve the industry,
we are pleased to offer an approach that can be implemented in time
to meet the deadline while offering savings and process
improvements to our customers."
The borrower notification requirement is only one of many new
lender requirements in HVCC, but it is among the most onerous as it
requires lenders to provide workflow for a task they have never
been required to do before. eLynx customers have a solution already
available to them as the eLynx expedite" platform offers powerful
disclosure and fulfillment capabilities through integrated
electronic and paper channels.
Franklin Savings, based in Maine and a long-time eLynx customer,
has used expedite" for several months to deliver appraisals to
borrowers. The bank is also using an optional feature that enables
appraisers to upload appraisals securely to the lender.
"We like to stay ahead of the compliance rules," said Katrina
Pease, Franklin Savings Bank Operations Manager. "eLynx made it
easy for us to get ready for the new appraisal requirements with a
simple solution and smooth implementation."
eLynx provides a complete appraisal delivery solution with
multiple options and reporting. The delivery takes place securely
through the eLynx expedite platform. Lenders can capture borrower
consent on the delivery and audit trails provide a history of the
entire process. All eLynx solutions have integrated paper
fulfillment with the ability to automatically deliver paper copy
when electronic channel is not an option. Lenders can also take
advantage of the enhanced audit trail for paper delivery. All eLynx
document collaboration and distribution services are offered
on-demand, allowing clients to take advantage of the new appraisal
delivery capabilities with minimal impact on their current
implementation.
For more information, visit www.elynx.com.
