eLynx-RamQuest Integration Enhances TRID Compliance with Automated Data Flow Between Lenders and Settlement Agents
February 18, 2016 – Cincinnati, OH – eLynx, the pioneer and leader in on-demand web-based compliance services to enable secure, Data-Validated MortgagesSM, announced today that it has completed an integration with RamQuest, a provider of comprehensive title and settlement services solutions. The integration enables lenders utilizing eLynx’s Expedite ID compliance solution to exchange property, fee and loan data electronically with thousands of settlement service providers using RamQuest. This bi-directional exchange of data simplifies the collaboration required for lenders to generate the Closing Disclosure mandated by the TILA-RESPA Integrated Disclosure rules (TRID).
RamQuest users can now directly access eLynx’s Electronic Closing Network ( eCN) without a separate sign-in. They can also receive lender fee data and send back settlement agent fees to the lender from within RamQuest’s production solutions, saving significant time, money and effort.
John Ralston, director of Title Services at eLynx, explained: “The customers of both companies can now easily and seamlessly share the data required to comply with TRID. This helps to increase accuracy, as well as to reduce the cycle times, potential closing delays and costs associated with consumer disclosures by eliminating the need for manual data entry and the manual exchange of data.”
RamQuest Executive Vice President and Chief Strategy Officer Brooks Yeager noted, “This expanded integration is based on MISMO/UMDP standards and supports the Fannie Mae and Freddie Mac Loan Quality Initiative in addition to the new TRID requirements.”
“Direct integration is far and away the fastest, most reliable, most accurate and preferred method for lender-settlement agent collaboration, and eliminates one of the greatest concerns about TRID compliance: the timely sharing of data between lenders and settlement agents,” said eLynx’s Ralston. “Because of these benefits, we are extending this capability to the entire eLynx registry of U.S. settlement service providers through integrations with RamQuest and other title production systems.”
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.
RamQuest, Inc. is a Texas-based corporation that has been serving the title industry since 1991. As a premier provider of the Land Title industry’s most comprehensive title and settlement solutions, RamQuest’s products are currently in use for closings in all 50 states. For more information, visit www.ramquest.com.