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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."