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Ditech.com and eLynx Lead Consumers Nationwide to Paperless Mortgage Experience
May 31, 2006
eWelcome Service Improves Speed, Sets New Standard in Financial Services Industry
eLynx Ltd., a leading innovator of e-services that transform costly, paper-intensive business processes into secure electronic operations, announced today that the company has been chosen by ditech.com to power its eWelcome solution. eWelcome, an eLynx powered service, adds a new element of speed and convenience to financial services processing by allowing mortgage customers to securely receive, review and approve documents at any time, from any location with an Internet connection. This initiative moves ditech.com consumers closer to a completely paperless mortgage experience.
“As one of the largest online lenders in the nation, ditech.com helps set the benchmark for industry best practices and standards,” noted Phil Huff, president of eLynx. “The company has paved the way for the future of online lending, and the launch of the eWelcome service marks yet another milestone in the move to paperless processing. eLynx is proud to be a contributor to this accomplishment. ”
Through eWelcome, ditech.com customers can opt to receive statements, disclosures and similar documents via a personalized e-mail with a secure, password-protected link that allows them to access, download and eSign their application paperwork instantly via the Internet. Customers can then utilize eWelcome’s e-delivery service to review and return proof of acceptance of disclosure documents such as the application, Good Faith Estimate and Truth and Lending. To date more than 56,000 ditech.com customers have opted to use the eWelcome service. Based on this response, the company expects that more than half of its mortgage applications will be processed using eWelcome by June 30, 2006.
The expedited processing avoids the traditional delays in sending documents via mail or courier, while also promoting compliance through built-in quality checks.
“eLynx offers a complete solution, bringing us both a team of experts, dedicated to our needs, and the proven technology solutions to meet those needs,” says Robert Camerota, executive vice president of National Operations for ditech.com. “Adding eLynx’s services to our lending solution speeds up the loan process, benefiting our customers and our agents, while improving conversion and pull-through rates.”
About ditech.com
Founded in 1995, ditech.com®, based in Costa Mesa, Calif., is a business unit of Residential Capital Corporation, a leading real estate finance company, which is an indirectly owned subsidiary of General Motors Acceptance Corporation (GMAC). ditech.com delivers excellent customer service along with the security of being part of one of the largest mortgage companies in America. ditech.com offers the consumer a variety of products, including first mortgages, variable equity lines of credit and no closing cost equity seconds. The online capabilities allow the customer to communicate with knowledgeable loan agents from home, work or on the road.
About eLynx
At eLynx, we go beyond delivering eBusiness services, to passionately driving it with groundbreaking ideas and creative solutions to industry challenges. eLynx enables your business to improve workflow and deliver dramatic cost savings by automating paper-intensive processes that quickly integrate with your existing business systems. Our innovative solutions ensure compliance with evolving industry regulations and standards, while maintaining data electronically throughout the document lifecycle. The nation’s top financial services enterprises rely on eLynx to communicate with customers and collaborate with business partners quickly, securely and reliably. For more information about eLynx visit www.elynx.com. It’s time to Enter the World of e.
eLynx is a portfolio company of American Capital Strategies (NASDAQ: ACAS).