eLynx has announced the launch of the latest version of its Expedite platform supporting Category 3 SMARTDocs with electronic signatures, a requirement for Fannie Mae loan modifications under the Home Affordable Modification Program (HAMP). Expedite is compliant with the SMART Document V3 specification recently published by the MISMO eMortgage Workgroup. This specification enables mortgage partners to share information and documents in a standard form. Lenders using Expedite can send the Home Affordable Modification Agreement (Form 3157) to homeowners for electronic signatures. The document containing the digital signatures is compliant with Mortgage Industry Standards Maintenance Organization (MISMO) specifications and can be seamlessly transferred between the lender and Fannie Mae. Using an electronic channel to sign and distribute documents significantly reduces the time required to process HAMP applications, and gets the data into the decision cycle much more quickly.
“The industry’s best servicers are embracing the latest electronic technologies in order to streamline loan modification workflows,” said Sharon Matthews, eLynx president and chief executive officer. “Expedite lowers costs and makes it easier for servicers to process the extremely high workloads they face today. The built-in audit trails allow them to work quickly without the risk of falling out of compliance.”
SMARTDoc V3 compliance is just the latest enhancement to the expedite platform, and further extends the benefits expedite provides eLynx’s lender customers. Expedite’s modular solutions architecture and software-as-a-service (SaaS) delivery model enables eLynx to respond quickly to help lenders keep pace with constantly changing regulations and secondary market requirements.