Skip to main content

Westcor Land Title Insurance Added to eLynx's Closing Network

NationalMortgageProfessional.com
Mar 28, 2011

eLynx has announced that Westcor Land Title Insurance Company is the latest title underwriter to fully integrate its operations with the company’s electronic closing network (eCN) and with the option of providing their lender customers with electronic closing protection letters. Westcor now joins four of the nation’s largest title underwriters in having a direct connection and seamless integration with eCN. This integration gives lenders instant verification of authorized settlement agents and earlier notification of pending insured transactions. “We welcome Westcor into our network with the confidence that our common lender customers will benefit,” said Sharon Matthews, eLynx president and chief executive officer. “eLynx provides significant workflow benefits to underwriters like Westcor, making it easier for them to serve their lender customers efficiently and with the assurance of a significantly lower risk of mortgage fraud. We’re the only company actively managing settlement agent fraud, a very real risk to lenders.” When settlement agent fraud occurs, lenders lose millions. Lenders are increasingly impacted by these crimes and are finding that these criminals have not been easily exposed in the past. eCN can identify the potential crime before the loan is closed thereby protecting both the lender and the underwriter. “With eCN, eLynx has become the industry’s enabler of a compliance-based closing process that minimizes the risk of fraud,” said Mary O’Donnell, president and chief executive officer of Westcor Land Title Insurance. “eCN provides our company with a neutral, streamlined connection to all of the other parties in the transaction. We believe our relationship with eLynx will enable us and our policy issuing agents to provide best-in-class service to our lender customers." eCN has rapidly gained industry acceptance, processing more than one million loans in its first year. There are approximately 100,000 settlement agents registered to use the system. Currently, more than 80 percent of all eCN loan traffic benefits from a direct integration with an insuring title underwriter, making it significantly easier for lenders to reconcile the data and documents used in an end-to-end electronic loan process.
Ocwen Financial To Acquire Reverse Mortgage Servicing Platform

Ocwen Financial Corporation's wholly-owned subsidiary, PHH Mortgage Corporation will acquire RMS' reverse mortgage servicing platform.

Industry News
Jun 18, 2021
UniteCT Emergency Rental Assistance Succeeds

Thanks to the successful launch of the UniteCT program, emergency rental assistance funds are helping Connecticut residents maintain housing.

Industry News
Jun 17, 2021
Angel Oak Mortgage Announces Initial Public Offering

Angel Oak Mortgage announced its initial public offering of 7,200,000 shares of its common stock at $19 per share.

Industry News
Jun 17, 2021
Mortgage Apps Rebound After Three Consecutive Weeks Of Declines

The Mortgage Bankers Association reported the first increase in mortgage applications after a three consecutive weeks on declines.

Industry News
Jun 17, 2021
CFPB New Rule Prevents Predatory Lending To Military Service Members

The CFPB stipulates its authority to examine supervised financial institutions for risk to active duty servicemembers and their dependents.

Industry News
Jun 16, 2021
Inventory Begins A Slow Recovery

Inventory grew 3.9% from April to May, according to Zillow's latest Market Report, after a year of steady decline.

Industry News
Jun 16, 2021