Skip to main content

eLynx's Expedite Update Now TRID-Compliant

Jul 14, 2015
Housing technology Pic

eLynx has announced the latest release of Expedite, its cloud-based platform for managing and delivering all loan documents, now compliant with the CFPB’s upcoming TILA-RESPA Integrated Disclosures (TRID) rule. Expedite is used by thousands of lenders and settlement services providers across the industry. Expedite's new functionality includes:

►Full document generation of Loan Estimate and Closing Disclosure documents

Direct bi-directional integration with third party fee providers and title production systems that automates the collection of fee information from different sources

Data extraction service that eliminates the need for manual data entry even when direct integration between lenders and settlement agents is not possible

Fee determination features that allow lenders to compare the fees side-by-side, select the appropriate fees to include in the Closing Disclosure and document the different fees and actions in a fee reconciliation report

Real-time alerts when there are potential compliance issues

A comprehensive, fully integrated audit trail that documents TRID compliance

Two-step authentication and other security enhancements

“Our customers have had access to the new TRID-related features in a test environment for several weeks so they could prepare for the August implementation date. Now with the anticipated two-month delay by the CFPB, lenders may have extra time to perfect their processes and make sure their staff and partners are ready,” said eLynx President and CEO Sharon Matthews. ”Lenders who have worked hard to be ready by the original deadline shouldn’t have to derail their implementation plans if the CFPB decides to delay the implementation date. Lenders who are behind schedule or who don’t have confidence in their initial plans for TRID can use the extra time to test and if necessary, shore up their TRID plans. Either way, the ultimate beneficiaries are the borrowers, which is the whole point of the CFPB’s ‘Know before you owe’ initiative."

About the author
Published
Jul 14, 2015
More from
Tech
TidalWave Blends AI & DEI To Support Hispanic Homebuyers

51% of Hispanic homebuyers face added costs to hire professional translators

Jan 28, 2025
Rocket Launches All-In-One Platform Rocket.com For Buyers and Owners

Consumers can search, purchase, and manage their home financing with the help of Agent AI

Jan 22, 2025
Road To 2030 In Mortgage: ‘Velocity Of Decision-Making Is Moving Fast’

Borrowers could be qualified ‘in minutes,’ and large staffs made redundant by AI, mortgage exec says

Jan 16, 2025
Turning Free Knowledge Into Future Clients

Why webinars work

Jan 14, 2025
Flagstar Fined $3.5M For Misleading Statements After 2021 Cyberattack

The SEC issued a hefty penalty and cease-and-desist order, barring future misleading statements

Dec 20, 2024
The Mortgage Industry’s Cyber Blind Spot

As new cybersecurity regulations take effect, smaller companies lack visibility into their own organizations

Dec 16, 2024