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eLynx’s Electronic Signature Technology Reduces Costs and Increases Efficiency for Financial Services Institutions

New, enhanced version, uSign 3.0, enables lenders and borrowers to securely review and electronically approve loan documents via the Internet

SAN DIEGO – March 29, 2006 – eLynx Ltd., a leading innovator of Web services that transform costly paper-intensive business processes into secure electronic methods for the financial services industry, announced at announced at MBA’s 2006 National Technology in Mortgage Banking Conference & Expo the availability of uSign™ 3.0, the latest version of its technology that enables borrowers to securely review and electronically approve loan documents via the Internet.  This electronic signature technology eliminates the reliance on paper and reduces costs by up to 75 percent while improving performance in important customer-centric processes, further providing financial services institutions with increased competitiveness. 

Through uSign 3.0, lenders can deliver loan documents to the borrower without incurring costly mail and courier fees or experiencing delays in the receipt of signed documents. Borrowers can review, electronically approve and submit documents to the lender in a matter of minutes, reducing transaction times by up to 50 percent.  The service also creates an electronic audit trail of the entire process, enabling lenders to contact customers with questions or issues and also provides them with continuous alerts on the status of the borrower’s progress in reviewing and approving the documents. Additionally, uSign complies with Electronic Signatures in Global and National Commerce Act (E-SIGN) and Uniform Electronic Transaction Act (UETA) legislation.

“eLynx’s uSign 3.0 upgrade provides for two substantial enhancements: active documents and loan officer signatures.  Active documents enable borrowers to select check boxes on forms, which greatly improves the customer’s signing experience.  With loan officer’s signatures added to the loan documents, we can send the documents to underwriting without having to print out a package, thus saving time and money," said Mark Skinner, CIO, Mortgage Strategies Group, LLC.

Lenders and borrowers will benefit from uSign’s enhanced signing engine and redesigned user interface that improves processing times, further streamlines the signing process flow and provides improved progress feedback.  The new system can also align with customer’s business processes and unique requirements.  It allows for multiple users to sign documents concurrently, easily configures to customer needs and can digitally capture additional information required by business processes, eliminating the need for data re-entry. 

“As the financial services industry continues to progress into a paperless process, our uSign service also continues to progress and provide the necessary technology to further accelerate the adoption of electronic signatures,” said Phil Huff, president and CEO of eLynx Ltd.   “With uSign’s capabilities, lenders and borrowers can each benefit from a quick and efficient delivery and receipt of loan documents and disclosures. By providing a document delivery solution that harbors electronic approval capabilities, we are enabling lenders to be more competitive in the marketplace as well as providing them with a faster and more effective way of completing the loan process.”

All uSign components are in accordance with established and emerging industry guidelines being put forward by the Mortgage Industry Standards Maintenance Organization (MISMO) and the Standards and Procedures for Electronic Records and Signatures (SPeRS).

About eLynx
eLynx (www.elynx.com) is a leading provider of outsourced solutions and services that improve data workflow and deliver dramatic cost savings for paper-intensive businesses. We enable enterprises to capture content from any source and present it instantly using the Web, providing innovative technology alternatives that fully integrate with a company’s existing business systems. Fourteen of the nation’s top twenty lenders rely on eLynx to communicate with customers and collaborate with business partners quickly, securely and reliably.  eLynx was founded in 1994 to serve the mortgage banking industry.  In 2005, eLynx processed more than 25 million secure transactions while focusing on the financial services marketplace.