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eLynx Announces Enhanced Fraud Risk Tool

Mar 28, 2011

eLynx, a portfolio company of American Capital, has announced that it has enhanced the comprehensive mortgage fraud risk mitigation capabilities in its electronic closing network (eCN). To help protect lenders from fraud, eCN provides proactive alerts to lenders prior to closing and disbursement. The eCN service identifies potential mortgage fraud in process by advising lenders when settlement and closing agents are not licensed and sending alerts when other liens are in process on the same property. “The ability to detect and stop fraud is dependent upon the quality of the data, which quite often depends upon when that data was collected,” said Sharon Matthews, eLynx president and chief executive officer. “We continue to enhance our transaction data profiles and increase the size of our data footprint. This provides our lender customers a view into fraudulent activity far beyond what they could see alone.” The enhancement adds the county in which the property is located and the closing cost center to the data provided via eCN for fraud analysis. This additional data will make both the eCN’s Settlement Agent Management (SAM) module and its multi-lien fraud identification analytics more powerful. The eCN platform connects lenders directly to the nearly 100,000 settlement agents that have registered with the service. Five of the nation’s top title underwriters are now integrated with the eCN platform and it is helping to close more than 30 percent of the industry’s total loan volume.
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Mar 28, 2011
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