news
eLynx Enhances Hybrid eMortgage Offering — Partners with eOriginal to Deliver Secure Vaulting
March 25, 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 it has partnered with eOriginal to deliver electronic vaulting services in eLynx's Hybrid eMortgage service. eLynx clients can now have their signed documents deposited in an online vault, providing secure access to and administration of the eNote and ancillary documents.
Like other aspects of the eLynx Network, the added service supports the Hybrid eMortgage by creating yet another avenue where lenders can leverage electronic services where it is most feasible for their organization. Now in addition to electronic, processing, delivery, collaboration, signature and fulfillment options, the network provides vaulting services to institutions requiring this as part of their operation.
"One of eLynx's biggest strengths is that it recognizes lenders may have barriers to going completely electronic," noted Jack Stose, eOriginal's vice president of sales and marketing. "Every aspect of their network is designed to help users leverage the benefits of eservices where possible while still supporting the company's offline elements when necessary."
An imperative part of the mortgage lending workflow, traditional filing of print documents has been manual and labor intensive requiring time and resources to locate hardcopy files and delaying the transition to secondary markets. Robert Nilsson, vice president of marketing and market development at eLynx notes, "In today's highly scrutinized mortgage lending environment, expeditious and quality preparation of loans for secondary markets is imperative. eOriginal's vaulting solution uses the industry's most advanced technology to process, secure and retrieve loan files. They were the clear choice for our solution to this important segment of the mortgage lending process."
Copies of the vaulted documents are made available for recordation, investor review and purchase, servicing, custodial processing, etc. The vault manages rights, permissions and access for viewing, legal ownership/control, vault-to-vault transfers, Certified Print(r) and Paper Out(r) processes, pooling, investor sale, securitization, syndication, and end-of-term actions. These documents are protected in an enterprise class SAS70 certified hosting facility.
Nilsson also noted that many professionals may not even be aware of the needs and value of secure vaulting, "The addition of vaulting into our Hybrid eClosing solution is a natural progression in our commitment to delivering the most comprehensive, secure electronic document communications network. It's also just another example of how eLynx is enhancing the entire financial services industry by facilitating the adoption of electronic business services."
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 were 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.
About eOriginal
eOriginal's electronic vaulting solutions enable lenders and investors to eliminate paper while legally protecting their assets as eMortgage documents are held and transitioned throughout their lifecycle. eOriginal's proven technology and processes create electronic finance documents that are tamper-evident, auditable and legally enforceable. eOriginal(r) technology protects nearly $10 Billion in secured electronic assets and has managed more than 300,000 electronic finance documents without a single error or legal challenge. For more information about how to turn eOriginal's experience into your advantage, visit www.eoriginal.com or call 410-659-9796.