eLynx, a portfolio company of American Capital, has announced that it has surpassed the one million loan milestone for transactions flowing through the company's eCN (electronic closing network) service. The service seamlessly integrates into a mortgage lender’s existing closing process to increase loan quality and meet the government’s demands for more accurate closings.
Built on expedite, eLynx’s platform for secure document collaboration and distribution for the financial services industry, eCN connects industry parties—and their supporting systems—in ways that never existed before. The result is a streamlined process, a single view into regulatory compliance, reduced risk of errors and fraud, and improved customer service.
"We're pleased to see the rapid adoption of eCN,” said Sharon Matthews, eLynx president and chief executive officer. “This level of acceptance is a clear indication that eCN is a system that was needed by the industry to solve long standing problems for both lenders and settlement agents.”
eCN has gained industry acceptance since it was released last year. In addition to processing more than one million loans in its first year, the system also has approximately 100,000 settlement agents registered to use it. eCN makes it significantly easier to reconcile the data and documents used in the loan closing process by providing direct, secure connections between mortgage professionals and systems.
For more information, visit www.elynx.com.