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eLynx releases TRID-Ready Expedite® compliance and collaboration platform

Enhanced platform available now for lenders and settlement services providers to refine workflows ahead of the new CFPB deadline 

CINCINNATI, OH (July 14, 2015) — eLynx, the leader in on-demand web-based services for secure, paperless document and data collaboration and distribution, has announced the latest release of Expedite, its cloud-based platform for managing and delivering all loan documents. This release will enable lenders to comply 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.

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.

Sharon Matthews, eLynx CEO

TRID rules are scheduled to go into effect in August; however, the CFPB is considering delaying the implementation date until October. eLynx has asked the CFPB, if there is a delay, to permit lenders to use both the current and proposed forms starting next month to allow the industry to ramp up for the deadline.

”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,” Matthews explained.  “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,” she said.

eLynx advised its users last week that the new version of Expedite is available for use immediately, and included online release notes. As a SaaS (Software as a Service) offering, the Expedite compliance and collaboration platform is updated automatically, the company said. Expedite TRID-related features can be bundled into a complete TRID solution. They can also be implemented in more targeted solutions that lenders can use to automate manual processes in their planned workflow or to enhance or reinforce their current TRID compliance offering.

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. 

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