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eLynx has announced Expedite ID (Integrated Disclosures), a compliance solution that fulfills lenders’ requirements for complying with the CFPB's TILA/RESPA Integrated Disclosures (TRID) rule on Aug. 1, 2015. New compliance features, combined with the proven capabilities of eLynx’s Expedite services platform, provide lenders with a comprehensive compliance solution for TRID while enhancing quality throughout the loan lifecycle.
Expedite ID unites TRID-specific functionality with the proven foundation of eLynx’s collaboration services which are already in production, including the Expedite suite of integrated on-demand services; eCN, the electronic closing network used by over 85,000 registered closing professionals; and Expedite Inbox, a lender-branded consumer portal that streamlines interactions with consumers. TRID compliance capabilities added to eLynx production services include:
►The ability to obtain fees from multiple sources, including third party providers, and present them to lenders for final determination and document generation
►TRID-specific electronic collaboration capabilities to assist the exchange of fee data between lenders and settlement agents
►Full support for capturing consumer consent and complying with new waiting periods and variance limits
►Pre-funding and post-close audit functions to reconcile the final loan package with the lender-approved loan and ensure post-close compliance and quality
“Having a long-established consumer portal with the Expedite Inbox and a huge, existing database of registered closing professionals gives us a definite advantage in helping our customers prepare for TRID. There's less worry about getting agents registered and more emphasis on the collaboration process itself,” said Sharon Matthews, eLynx president and CEO.