news
eLynx’s HUD-1 CHECK Expedites HUD-1 Creation, Review and Approval
March 30, 2006
eLynx’s HUD-1 CHECK Expedites HUD-1 Creation, Review and Approval
Enhanced solution eliminates inconsistencies, error and delays
MIAMI – March 30, 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 MBA’s 2006 National Technology in Mortgage Banking Conference & Expo the availability of the latest version of HUD-1 CHECK, its service designed to expedite the workflow of HUD-1 creation, review and approval, significantly improving the loan closing process for lenders, settlement agents and homebuyers.
eLynx’s HUD-1 CHECK virtually eliminates discrepancies and errors associated with HUD-1 documents. With this system, lenders have the ability to electronically print closing instructions out of their loan origination systems and send them electronically to the settlement agent through eLynxWPS, the company’s Web-based document delivery service, without incurring the costs or delays associated with paper, printing and faxes. Once received by the settlement agent, the agent prepares the HUD-1 documents and electronically sends them back to the lender via eLynxPRO, a desktop companion to the eLynxWPS platform that enables secure, on-demand e-delivery of virtually any document.
The lender then has the ability to electronically review, mark up and correct (if needed) the HUD-1 statements via an on-screen screen "Accept/Reject" function with a special area for notes. The system will automatically track changes and mark-ups to eliminate errors caused by missed change requests. Once approved, the HUD-1 documents are sent electronically to the closing agent for the final closing process. Real-time status is available to the lender and settlement agent throughout the process.
“Delays associated with HUD-1 statement review, approval and submission are a growing concern and complaint for everyone associated in the homebuying process,” said Phil Huff, president and CEO of eLynx. “HUD-1 CHECK is addressing and eliminating these concerns and delays by providing a Web-based, secure environment that enables quick and easy collaboration, review and delivery of HUD-1 statements.”
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.
###