eClosingNet Quickly Gains Industry Acceptance

The innovative eClosingNet (eCN) service offered by ""eLynx"":http://www.elynx.com/, a Cincinnati-based portfolio company of American Capital, has gained industry acceptance quicker than anticipated, according to a recent announcement by the company.

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Built on eLynx's expedite platform, a network for secure document collaboration and distribution in the financial services industry, eCN connects disparate industry parties-and their supporting systems-in a secure, transparent manner. Users of the service benefit from a single view into regulatory compliance, a streamlined process, reduced risk of errors and fraud, and improved customer service.

The platform was launched last October with one top five U.S. lender/servicer in full production, accounting for more than 20 percent of the nation's mortgage volume. Since the initial launch, eLynx says the network has been attracting more lenders, including a second top 10 U.S. lender. Now connecting originators to nearly 100,000 closing agents, eCN is helping to close more than one-third of the industry's total loan volume, eLynx said.

""We are pleased that the nation's leading lenders are seeing the value eCN brings to the industry,"" said Sharon Matthews, eLynx president and CEO. ""Lenders are working hard to comply with the government's requirement for more accurate closings, and eCN is the solution. The additional data eCN provides is helping our customers mitigate fraud and create a better customer experience.""

According to eLynx, eCN has made it notably easier for lenders to reconcile the data and documents used in the loan closing process. By providing direct, secure connections between parties, including the systems in use at the nation's largest title underwriters, the endless string of phone calls, faxes, e-mails, and physical mail is no longer relied upon for communication purposes.

As a result, eLynx said closing agents are rapidly registering on the platform because it provides an agent-centric view by lender, giving them greater control over their own workflows. In addition, both lenders and title underwriters are benefitting from the eCN's ability to generate and deliver electronic closing protection letters (CPLs), which is saving both time and money.

Lenders can track closing agent data to ensure the good standing of all agents and can also take advantage of the unprecedented connections eCN creates among closing partners. This allows lenders to monitor loan progress and performance, facilitate CPLs, collaborate with partners to reconcile HUD statements online, receive notification of potential multi-lien fraud, and provide seamless access to recording services.