NewDay USA has partnered with eLynx to facilitate its consumer loan deliveries. On average, NewDay USA sends thousands of loan applications a month. Now, those deliveries have almost doubled each month. It’s anticipated that using eLynx technology will improve NewDay USA’s electronic delivery of loan applications even further.
Since its founding in 1999, NewDay has taken on all costs and responsibilities to produce and distribute necessary documentation to customers. According to NewDay USA’s COO, Paul Alger, transitioning those fulfillment responsibilities to eLynx will allow NewDay USA to utilize staffing, equipment and space resources elsewhere — and it will increase efficiency.
NewDay USA selected eLynx’s consumer delivery solution, The Expedite Inbox. It provides a central portal for all consumer documentation. Consumers establish a single account that can manage all document types across all loan products, providing a consistent and easily identifiable touch point. PROGRESS in Lending’s Executive Team awarded this service with its Top Innovations award for its industry significance and various efficiencies gained through its creation.
Built-in alerts and reminders ensure that both the financial institution and consumer always know what’s required and due. Integrated capabilities like eDelivery, eSignature, electronic upload, automated print and mail, and fax drastically reduce the time it takes to close a loan, while minimizing the resources and fees associated with executing the transaction.
The Inbox can integrate with an existing banking portal for a seamless consumer experience. To increase brand recognition and loyalty, the system can be configured to match the look-and-feel of the financial institution’s web presence.
“NewDay USA’s integrity and unwavering commitment to serving its customers is clearly reflected in its national ranking as a top VA and reverse mortgage lender, as well as it being selected by the Veterans Of Foreign Wars to be the exclusive mortgage provider for the organization’s 1.5 million members,” said eLynx president and CEO, Sharon Matthews. “We are extremely humbled by the ability to help NewDay USA continue to serve its thriving community of customers with an enhanced user experience.”
According to Alger, eLynx’s investment in creating an intuitive, easy-to-use interface for both NewDay USA’s consumer and its loan officers separated eLynx from its competitors. NewDay USA ultimately felt that eLynx’s technology could rapidly scale with growing volumes of documents to distribute and process. Furthermore, the eLynx team’s ability to help guide NewDay USA in establishing a consistent and repeatable process throughout locations in Maryland, Delaware and Chicago was critical.
Eric Armstrong, a senior applications analyst at NewDay USA, said the decision to go with eLynx was straightforward. “With eLynx we will be able to decrease our costs and increase our efficiency,” said Armstrong. “With the regulation and market changes there could be additional disclosure requirements that would add to current mailing requirements. We want to make sure we have a scalable process for addressing potential changes.”
