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Nearly Two-Thirds of All Mortgage Closings Flowing Through eLynx Network
January 15, 2007
Year-End Milestones Position Company as Driving Force Behind eServices for Financial Institutions in 2007
eLynx, a portfolio company of American Capital Strategies Ltd. (NASDAQ: ACAS), and provider of the largest secure electronic document communications network for the financial services industry, announced today that 2006 was the year the company achieved critical mass in terms of growth, offerings and market penetration. Year-end milestones show nearly two-thirds of all U.S. mortgage closings were handled via the eLynx network. In addition, the network is now utilized by more than 300,000 registered settlement agents, and in 2006 alone supported more than 10 million financial transactions involving consumers, lenders and settlement agents. The network supports more than 500 financial institutions – including 17 of the top 20 mortgage lenders in the United States.
“2006 was a milestone year for our company. eLynx has become a driving force behind the adoption of e-services for financial institutions of all sizes,” said eLynx President Phil Huff. “We’re one of the companies that are helping change how business gets done in the financial services industry.”
eLynx continued its trajectory of organic growth in 2006 by way of new product and services offerings, such as its introduction of its Total Fulfillment™ service that enables lenders to match consumer communications preferences, while simultaneously reducing cost through the blend of multiple electronic and paper fulfillment methods. The company also released version 3.0 of eLynx’s revolutionary uSign™ technology to enable secure review and signing of documents via the Internet.
In addition, 2006 marked significant vertical penetration for eLynx, which broadened its reach further by opening its suite of e-services to the insurance market and engaging with many insurance carriers with its on-demand electronic signing services. These services meet the needs of insurance carriers to help reduce cycle times for processes such as agent appointment and application enrollment while enhancing workflow, compliance and quality assurance.
eLynx’s growth took physical shape in September, with the company moving into a new, state-of-the-art corporate headquarters in Cincinnati. Featuring a cutting-edge Network Operations Center to monitor eLynx’s e-services infrastructure, the office also houses the company’s print fulfillment center, call center, solution development, quality assurance and technical support teams.
2006 was also a year of acquisitions and new partnerships. eLynx acquired SwiftView, Inc., a provider that helps enterprises worldwide capture, view, deliver and print electronic documents, significantly advancing both the quality and availability of world-class, integrated Web-based solutions for its clients. The company’s partnership with Goodmail Systems, Inc., creator of the CertifiedEmail system for trusted, assured e-mail delivery, automatically incorporates CertifiedEmail functionality in the eLynx e-services platform.
eLynx continues to lead the adoption of electronic document delivery in the financial services industry, implementing Single Sign-On (SSO) technology for its lender and insurance clients. Built to comply with the industry standard Security Assertions Markup Language, the new SSO technology provides individual users with one master login for access to multiple enterprise applications and all services across the eLynx network platform. Clients are beginning to implement eLynx’s Web-based SwiftSend Investor Delivery service to electronically submit loans to investors such as CitiMortgage and Countrywide. Lenders can now securely package, convert and submit imaged loans to investors, formatted to industry standard or institution specifications.
About eLynx
eLynx, a portfolio company of American Capital Strategies Ltd. (NASDAQ: ACAS), provides the
largest secure electronic document communications network for the financial services industry. Serving more than 500 financial institutions, including 17 of the top 20 mortgage lenders in the United States, the company's solutions enable businesses to capture and maintain data electronically throughout the document lifecycle, automating paper-intensive processes, improving workflow, reducing costs and ensuring compliance with evolving industry regulations. In 2006, eLynx services have been used in more than 10 million financial transactions involving consumers, lenders and settlement agents.
eLynx was founded in 1994, and recently acquired SwiftView, Inc, a provider of electronic document viewing software and paperless document communications services. The company is headquartered in Cincinnati with additional operations, support, and research and development staff in Portland, Ore. For more information, please visit www.elynx.com and www.swiftview.com.