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Cincinnati-based eLynx Ltd., a leading provider of secure electronic information management solutions and services for the financial industry, announced from the 92nd Annual Mortgage Bankers Association Convention and Expo the availability of HUD-1 Check, its new service designed to expedite the workflow of HUD-1 creation, review, and approval process, significantly improving the loan closing process for lenders, settlement agents and homebuyers.

eLynx’ HUD-1 Check virtually eliminates discrepancies and errors associated with the  HUD-1 documents by providing a simple and secure interface which allows lenders and closers to review, correct (if needed) and approve HUD-1 statements online in a matter of minutes, without incurring the costs or delays associated with paper, printing and faxes. In addition, the new service brings lenders an audit trail of each transaction and provides settlement agents with verified HUD-1 acceptance prior to closing. Finally, eLynx’ HUD-1 Check reduces the risk of delayed or canceled closings, improving the homebuyer’s experience and satisfaction.

1. The lender prepares the HUD-1 statement or HUD-1 instructions and sends electronically to the closing agent via eLynx WPS
2. The closing agent completes the final HUD-1 statement for signatures, and returns electronically to the lender, via eLynxPRO
3. The lender reviews HUD-1 statements electronically and is prompted to select either “Approve” or “Reject” according to the criteria, with the ability to enter notes if needed.
4. If approved, HUD-1 is sent electronically to the closing agent for final closing process. If rejected, HUD-1 is immediately returned electronically to the closing agent for his or her corrections and electronic resubmission.
   

“Problems and delays associated with HUD-1 statement review, approval and submission, were becoming a growing concern and complaint for lender and homebuyer alike,” said Phil Huff, president and CEO of eLynx. “We designed and developed HUD-1 Check to address these concerns and eliminate the problems causing such delays, providing a Web-based, secure environment that enables quick and easy collaboration, review and delivery of HUD-1 statements. With HUD-1 Check, delayed or cancelled loan closings are eliminated and lenders retain a strong customer base.” 
 
About eLynx
Cincinnati-based eLynx Ltd. provides the financial services industry with all the tools and solutions needed for secure electronic information management. The company delivers soft-paperä technology that transforms costly paper-intensive processes into secure electronic solutions that save time and money.  eLynx provides effective and customized solutions to deliver streamlined data and document processes that fully integrate with a company’s existing business systems. Today, eLynx customers include 14 of the nation’s top twenty lenders, account for more than 35 percent of all mortgage transactions. Last year, eLynx solution processed approximately 25 million secure transactions.  For more information about eLynx, visit the company’s Web site at www.elynx.com.
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