eLynx-Landtech Data Integration Streamlines TRID Compliance with Automated Data Flow Between Lenders and Settlement Agents
March 15, 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 Landtech Data, a leader in systems used by real estate settlement services providers. Landtech Data is also noted for creating the first real estate settlement system for desktop computers in 1981. The integration enables lenders utilizing eLynx’s Expedite ID compliance solution to exchange property, fee and loan data electronically with the 3,000 settlement service providers in 47 states using Landtech Data’s XML Real Estate Settlement System. 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).
LandTech users can now save significant time and effort by directly accessing eLynx’s Electronic Closing Network ( eCN) from their desktops, eliminating the need to sign into the system separately.. They can also receive lender fee data and send back settlement agent fees to the lender from within LandTech’s production solutions, further streamlining the process.
John Ralston, director of Title Services at eLynx, explained: “Direct integration is far and away the fastest, most reliable and most accurate option for lender-settlement agent collaboration and eliminates a major obstacle lenders face in complying with TRID rules: the timely sharing of data between lenders and settlement agents.”
Landtech Data’s Director of Sales and Marketing Benjamin Bell noted, “With this integration, settlement agents using Landtech Data’s XML Real Estate Settlement System can automate collaboration with lenders and help them meet their new obligations under the TRID regulations.”
“By seamlessly sharing the data required to comply with TRID, lenders and settlement service providers can increase accuracy as well as reduce the cycle times, potential closing delays and costs associated with consumer disclosures,” said Ralston. “It virtually eliminates the need for manual data entry and the manual exchange of data. eLynx is extending this option to the entire eLynx registry of U.S. settlement service providers through integrations with Landtech Data and other title production systems,” he said.
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.
About Landtech Data
Landtech Data Corporation was founded in 1979 and incorporated in 1986. Landtech offered the first real estate settlement system for the Personal Computer. In fact, Landtech advertised in the September, 1981 issue of TITLE NEWS (ALTA) its availability on the IBM Personal Business Computer which was introduced that same year. Since those early beginnings Landtech has remained independent and become one of the nation’s largest providers of real estate settlement systems to a whole host of users engaged in the financial, real estate and loan closing process.
The Landtech Data Mission Statement is very simple. We strive for Excellence in Engineering! We take the time to incorporate the features which are meaningful in your use of the Landtech System. Our emphasis is to create the finest real estate settlement system available. If we accomplish that goal, then other pieces can be fashioned around that foundation! www.landtechdata.com