Expedite ID electronic solution honored for accelerating industry move toward fully paperless mortgage process while increasing quality and compliance
April 4, 2016 – Los Angeles – eLynx, the pioneer and leader in on-demand web-based compliance services for secure, data-validated mortgages, announced that its Expedite ID electronic solution, which empowers mortgage lenders to make a giant step toward a fully paperless loan process while increasing loan quality and compliance, has won an Innovations Award from the Progress in Lending Association.
The honor was presented at an April 3 award ceremony in Los Angeles in conjunction with the opening of the Mortgage Bankers Association’s National Technology in Mortgage Banking conference. The Innovations Awards recognize the top seven innovations introduced in the past year that changed the mortgage industry for the better. Nominations were scored on a weighted scale based on the innovation’s overall industry significance, originality, positive change, return on investment, time savings and intangible efficiencies.
Expedite ID streamlines the functions of a lender’s loan origination system, and then ties directly into settlement agency systems for a comprehensive end-to-end solution. It is designed specifically to handle the exchange of documents and data between various systems and workflow participants in the mortgage process. Expedite ID captures and stores loan transaction, property, and fee information, virtually eliminating the need to manually enter data multiple times during the loan process, reducing the potential for data-entry errors and streamlining the workflow.
With access to more and better data, lenders and investors can more effectively monitor quality and compliance throughout the loan cycle. Lenders will know with more assurance that the mortgage approved for closing is consistent with the mortgage actually signed at the closing table and subsequently sold to the secondary market.
Expedite ID was engineered specifically to enable lenders to comply with the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosure rule, or TRID. Expedite ID addresses TRID from the perspective of the entire loan lifecycle, including lenders, settlement professionals and consumers. Unlike solutions from other technology vendors, Expedite ID does not force lenders and other loan participants to completely overhaul their business operations and is instead designed to work in concert with their existing systems. This gives lenders the flexibility to transition to a fully-automated TRID-compliant solution on a schedule and pace that meet their specific situation.
“We are very proud to receive this distinguished award. It recognizes all the hard work a lot of people at eLynx put into it,” eLynx President and CEO Sharon Matthews said. “Expedite ID automates what are manual processes for many lenders, which increases the overall efficiency in the organization, improves loan quality and reduces risks associated with non-compliance.”
Moreover, Matthews said, “Expedite ID paves the way towards an evolution that is finally coming to fruition – the fully electronic paperless loan closing – which is being spearheaded by the CFPB’s efforts and support.” When implementing an all-electronic process, including electronic delivery and signature of documents, financial institutions can realize cost savings of 75% and shorten the workflow time by three to five days, she said.
In addition, Expedite ID is one of the first products certified compliant with Mortgage Industry Standards Maintenance Organization (MISMO) standards for TRID. eLynx is the only vendor to achieve MISMO Software Compliance Certification for TRID as well as MISMO Premiere Compliance Certification in the Information Exchange domain. This compliance is key as the industry moves toward standardizing on the MISMO reference model for mortgage data.
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.