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eLynx Enhances Investor Delivery Network with Addition of Wells Fargo Funding
May 14, 2007
Connects Lenders to Paperless Service for Secondary Market Loan Delivery
CINCINNATI - May 14, 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 they have extended their document communications network to include Wells Fargo Funding. With this extension, over 500 eLynx lender clients can deliver closed loans to Wells Fargo electronically. Enlisted as part of the SwiftSend Investor Delivery service, Wells Fargo joins a fast-growing list of secondary market investors on the network, which lets lenders securely package and electronically submit loans, formatted to individual institution specifications. Uniquely, lenders can use the same interface to submit and track closed loans to Wells Fargo or to any of the other investors on the eLynx network.
Through the eLynx network, users simply select Wells Fargo from a dropdown menu of investors, and then electronically transmit files seamlessly into the investor’s computer systems. This process increases productivity and cost savings for both the lenders and Wells Fargo. The handling and storage of paper-based loan portfolios are often complicated, costly tasks for both lender and investor alike. Paper files require labor-intensive data entry, processing and manipulation in the investor’s shop, while lenders incur the costs to copy, package, handle and ship loan portfolios to investors. eLynx’s electronic investor delivery channel saves time and money, increasing efficiencies for everyone involved.
Robert Nilsson, eLynx vice president of marketing and market development attests to the benefit for lenders. "eLynx’s SwiftSend Investor Delivery manages a complete investor delivery network," he says, "alleviating the burden on lenders to manage individual requirements on an investor-by-investor basis. The addition of Wells Fargo to the eLynx network of secondary investors reflects our commitment to providing
the best investor options for our large roster of clients."
By using eLynx’s SwiftSend Investor Delivery, Wells Fargo and other secondary market investors ensure submitted loans meet the format and requirements of the investor. "Our investor delivery service lets lenders deliver investor-compliant loans to an investor in minutes. It takes as much time just to create a shipping label for a paper loan package," adds Nilsson. "Cutting time and costs through electronic processing is equally crucial for lenders and investors. eLynx’s SwiftSend Investor Delivery provides both an easy entry point to e-delivery and a quick return on investment."
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.