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Principal Residential Mortgage Inc,. Selects eLynx uSign to Enable Hombuyers to Review and Approve Loan Documents Online
March 08, 2004
eSignature technology enables a faster, more efficient document approval process
CINCINNATI, March 8, 2004 – eLynx Ltd., a provider of electronic document delivery solutions for mortgage lenders, announced today that Des Moines, Iowa-based Principal Residential Mortgage, Inc., has selected eLynx uSign to enable its customers to review and electronically approve mortgage disclosures and loan documents via the Internet.
Principal Residential Mortgage, a member company of Principal Financial Group, selected eLynx uSign in March 2004 and will begin using the service later this year, according to company officials.
“We selected eLynx uSign to provide our customers with an easy-to-use, secure electronic document approval solution that would improve our workflow processes to provide the highest level of service possible,” said Tim Curtis, vice president of Principal Residential Mortgage. “With eLynx uSign, our borrowers will receive loan documents conveniently and securely via the Internet, review them immediately and approve and return them as easily as they received them. This effectively eliminates the wait associated with traditional document approval and enables us to guarantee that our customers’ information is transferred securely and their privacy is protected.”
eLynx uSign provides continuous alerts regarding the documents’ status prior to approval and eliminates traditional costs associated with document delivery, such as shipping, paper and printing. The system is easily integrated into all existing loan origination systems and provides a seamless, branded, “round trip” delivery in a secure approval environment. Additionally, uSign complies with Electronic Signatures in Global and National Commerce Act (E-SIGN) and Uniform Electronic Transaction Act (UETA) legislation.
“eLynx uSign enables Principal Residential Mortgage to accelerate the document approval process in a secure, digital environment,” said Phil Huff, president of eLynx. “Because uSign does not require special training on the part of loan counselors or borrowers, eLynx technology allows the loan counselors of Principal Residential Mortgage to begin focusing on generating new loans.”
About The Principal Financial Group®
The Principal Financial GroupÒ (The Principal ®)[1] is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance and mortgage banking through its diverse family of financial services companies. More employers choose the Principal Financial Group for their 401(k) plans than any other bank, mutual fund, or insurance company in the United States[2]. A member of the Fortune 500, the Principal Financial Group has $144.9 billion in assets under management[3] and serves some 15 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com
About eLynx
Cincinnati-based eLynx Ltd. provides the mortgage industry with all the tools needed for electronic delivery and eSigning of documents. eLynx launched its secure electronic document delivery (EDD) service in June 1999. The company's WPS (Web Posting Service) interfaces with any existing system to deliver and track data and documents securely on the Web in a fraction of the time and cost of conventional overnight and mail services. The company's newest service, uSign™, is the industry's first real-world electronic document delivery and electronic signature service, allowing lenders to interface directly with the homebuyer for immediate approval of loan application and disclosure documents. Today, eLynx customers account for more than 30 percent of all mortgage originations. For more information about eLynx, visit the company's Web site at www.elynx.com.