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eLynx launches its electronic closing network

NationalMortgageProfessional.com
Oct 12, 2009

eLynx, a portfolio company of American Capital, has 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 percent 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. For more information, visit eLynx.com. 
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