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eLynx to Deliver Mobile Notary Service for Lenders
April 30, 2007
Partnership with MortgageDocs Provides Another Entrypoint for Hybrid eMortgage
CINCINNATI – April 30, 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 a strategic partnership with MortgageDocs, a nationwide mobile notary and attorney service provider, to further facilitate utilization of the Hybrid eMortgage.
Through eLynx’s Automated Package Delivery (APD) solution, lenders can electronically submit documents to MortgageDocs, which then manages the signing and notarization process from end-to-end. On average, a notary is assigned to an individual borrower within 30 minutes of receipt, and sometimes as quickly as one minute in highly populated locations. Notaries are drawn from a nationwide network of professionals who have been background checked and pre-screened for service excellence. The network also provides real-time performance history statistics. This approach results in substantial reductions in errors, costs and time-cycles.“With the use of our online technology, signSTAT, we are able to complete the APD solution and provide a collaborative approach with eLynx that isn’t found anywhere in the industry,” explains John Samarin Jr., MortgageDocs chief operations officer. “eDocs sent to eLynx by our clients are instantly made available to the notary or attorney on signSTAT to print for the signing. There’s no third party needed or time wasted manually downloading and forwarding the eDocs to print. A company who uses eLynx technology can quickly add MortgageDocs as a service provider and benefit from the full depth of our loan-signing management services.”
Another benefit afforded by the eLynx-MortgageDocs relationship is a heightened ability to reduce error in signed documents. (MortgageDocs currently performs with an error rate of less than two percent.) In leveraging another component of the Hybrid eMortgage, eLynx and MortgageDocs clients employing APD also directly reduce their exposure to fraud by gaining a much higher level of visibility with regard to the closing process. The lender is able to avoid unnecessary liability due to mistakes introduced by either the notary, lender or borrower during the traditional loan signing process. Additionally, any non-notarized documents a borrower may have been hesitant to sign electronically can be delivered face-to-face by the notary for signing, increasing completion rates.“eLynx is extremely pleased to count MortgageDocs as both client and partner,” says Robert Nilsson, eLynx vice president of marketing and market development. “Our shared lender clients stand to see great benefits from incorporating APD into their mortgage operations. Perhaps more exciting is how this addition to eLynx’s services makes it even easier for lenders to step smoothly into the Hybrid eMortgage.”
“We are very excited to partner with eLynx,” adds Samarin. “The products and services we have begun to map out together for the future are very impressive. The breadth of solutions this partnership will deliver for the industry will continue to grow. APD is only the first in a series of opportunities!”
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. 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.
About MortgageDocs
MortgageDocs is a leader in the signing service industry, offering loan signing management services covering every county in the United States. MortgageDocs manages the loan signing process for lenders, brokers and title and escrow companies. Offering a service that goes beyond providing a notary, they serve as a control source to prevent fraud by implementing best business practices while delivering customized solutions, service, advanced technology, and results their clients appreciate. The company’s solutions and services allow clients to improve process flows, reduce costs and achieve faster turn-times. With MortgageDocs, clients have the confidence of knowing that the borrower is catered to each and every time.
MortgageDocs, founded in 1997, is located in Fresno, Calif., and has a network of more than 18,000 mobile notary public and attorney vendors across the nation. For more information, please visit www.mortgagedocs.com and www.signstat.com.