FOR IMMEDIATE RELEASE eLynx, a portfolio company of American Capital, has announced the availability of electronic closing capabilities through the eLynx expedite platform. In an ongoing effort to address fragmentation in the closing process, eLynx is working with leading settlement entities to provide lenders with a variety of channels to electronically close loans, including through eLynx's own closing room.
Toward that end, eLynx has also announced a strategic partnership with Stewart Lender Services, a subsidiary of Stewart Title Company. Together, the two companies are bridging many of the gaps lenders face in moving toward the eMortgage. The integration of Stewarts eClosingRoom" electronic closing technology with the eLynx expedite platform, creates a seamless connection between lenders and eClosingRoom that does not require any additional integration on the lender's part. This integration supports electronic, hybrid, and paper closings, giving lenders more opportunities to leverage electronic processing efficiencies while providing a consistent experience for borrowers.
"The main hurdle to the electronic mortgage is and continues to be fragmentation among lender and vendor-specific electronic closing solutions," explains Sharon Matthews, eLynx president and CEO. "Our networked approach is designed, with the lender in mind, to facilitate adoption of high volume, full and hybrid electronic mortgage practices. The name of the game in electronic closing is keeping lenders' options open. Everyone wins when electronic closing is both vendor and lender agnostic. It's our goal to facilitate electronic closings in whatever way best suits the lender, and most importantly to them, the borrowers."
Matthews notes that the integration of Stewart Title's eClosing Room with the extensive eLynx lender network is significant in that it connects a large portion of the lending community with an established electronic processing channel, putting the whole industry closer to the critical mass required to make widespread electronic processing a reality. eLynx believes the next evolutionary phase for common closing scenarios will not only include branches and settlement offices, but even online closings.
"eLynx and Stewart are both committed to moving the industry toward widely accepted electronic closing practices," says Jason Nadeau, president Stewart Lender Services. "This strategic partnership offers the greatest opportunity to date for our industry to make significant gains toward an entirely electronic lending process, which would benefit everyone involved, especially the borrower. Together, both eLynx and Stewart have the necessary market presence to provide a large number of both lenders and borrowers with a completely electronic closing experience."