Press
eLynx announces comprehensive compliance solution for collaborative integrated disclosures
Expedite Services Platform enhanced with TRID-specific capabilities
CINCINNATI, OH (April 28, 2015) — eLynx, the pioneer and leader in on-demand Web-based services for secure, paperless document and data collaboration and distribution since 1994, 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 August 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
To help them prepare for the transition to TRID, eLynx customers will be getting hands-on experience with Expedite ID via a secure test environment soon. Additional TRID-related enhancements are in development and will be announced over the next several months.
“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.
Matthews noted that Expedite ID can be deployed as a complete end-to-end solution or components can be deployed individually to meet specific lender requirements. “With the Expedite platform, customers get a full compliance solution that supports the entire loan cycle through post-close, and provides integrated, end-to-end documents and data,” Matthews said.
About eLynx
eLynx, a portfolio company of American Capital, Ltd. (NASDAQ: ACAS), helps customers in the financial services and real estate industries capture and manage documents and associated data electronically throughout the document life cycle, ensuring compliance with industry regulations, reducing costs, improving workflow efficiency, and automating paper-intensive processes. The company’s Expedite® cloud-based platform and network supports a comprehensive suite of on-demand document collaboration, distribution, and connectivity services that can be deployed independently or as a fully integrated end-to-end paperless lending solution. eLynx serves hundreds of financial institutions, including 25 of the top 50 U.S. banks and maintains the largest and most comprehensive database of validated real estate agents in the U.S. The company was founded in 1994 and is headquartered in Cincinnati, Ohio. It has offices and redundant data and print centers in Cincinnati and Beaverton, Oregon. For more information, visit www.elynx.com.