eLynx has been selected by the Consumer Financial Protection Bureau (CFPB) to participate in a pilot program to study how technology solutions such as electronic delivery and electronic signatures can improve the mortgage closing experience for consumers. In particular, the CFPB wants to evaluate how technology solutions can improve the consumer’s understanding of mortgage documents, make them feel more empowered throughout the closing process, and enhance overall mortgage closing efficiency. As part of the pilot, eLynx will monitor actual mortgage closings and provide the collected data for the CFPB’s analysis.
eLynx will be working closely with two national lenders in this pilot: Universal American Mortgage Company (UAMC), a financial services subsidiary of Lennar Homes, one of the nation’s largest homebuilders; and Flagstar Bank, a top-tier mortgage originator and one of the nation’s top ten largest savings banks. The loan types to be included in this pilot will cover a broad range of mortgage scenarios, including conventional, FHA and VA residential mortgages, new home purchases and refinances.
“Our culture is built around innovation and using technology to make the home financing process easier for our customers and business partners,” Tom Moreno, vice president and chief information officer of UAMC/Eagle Home Mortgage, said. “We look forward to working with other industry leaders and the CFPB to realize the vision of a smooth, paperless closing for the consumer."
The vision of a paperless mortgage workflow, or an eMortgage, has been around for more than a decade. The technology to support an eMortgage has been available for years, but with so many diverse participants and long-established processes in mortgage transactions, progress has been difficult. The pilot will evaluate how existing solutions and newer advanced capabilities can drive the evolution towards the vision of a paperless workflow.
Says Sharon Matthews, eLynx president and CEO, “The CFPB’s focus on closings will accelerate the industry’s progress towards eMortgage. By objectively evaluating different solutions and collecting performance metrics, the pilot will help identify technologies that improve the customer experience. Not only are we delighted to be part of this effort, but we are pleased with the confidence our lender customers have shown in our Expedite platform.”
“As a leading mortgage originator, we’re always looking for ways to improve our customers’ experience,” says Donna Krall, executive vice president and director of Mortgage Fulfillment, Flagstar Bank. “We’re pleased to be part of this pilot to align the mortgage closing process to meet the needs of today’s tech-savvy customer. In today’s fast-paced virtual environment, we recognize the importance of an online tool that offers convenience, execution and provides the customer with a positive experience.”