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eLynx Delivers Loan Modification Service for Lenders — Industry Leader Helps Lenders and Borrowers Take Advantage of Low Interest Rates
March 17, 2008
CINCINNATI – March 17, 2008 – eLynx, a portfolio company of American Capital Strategies Ltd. (NASDAQ: ACAS), and provider of the most pervasive and widely used secure electronic document communications network for the financial services industry, announced today the availability of a new on-demand loan modification service. The entire loan modification process can now be completed securely over the Internet — in minutes — without relying on expensive and error-prone paper processing. The complete loan modification solution combines electronic distribution and signatures with an on-demand archiving option. A fully integrated paper fulfillment option is available for borrowers who prefer paper at any time in the process. As a result, borrowers will be able to modify the terms of their loan from any location with an Internet connection, and borrowers without Internet access can request a paper copy be mailed to them.
eLynx, with its scalable expediteTM platform and established leadership in the electronic signature space, is the first vendor to offer a complete loan modification solution which integrates easily with lenders’ loan modification processes. Lenders of all sizes — including the more than 500 already on the eLynx network — will benefit from the speed, efficiency and security that come from using uSign and Total Fulfillment for loan modifications.
Sharon Matthews, eLynx president and CEO, says the benefit of incorporating expedite electronic signature capability into the mortgage process is substantial, “eLynx already has a multitude of lenders and borrowers who use our Web-service to electronically send, receive and ‘uSign’ mortgage disclosures. Now loan modification solutions have been added to bring us closer to the electronic mortgage. Borrowers benefit by adjusting the terms of their loans securely online without leaving the comfort of their homes — and that is exciting.”
“These are challenging times. Many lenders are reaching out to borrowers who might have struggled with changes in their adjustable rate mortgages,” explains Matthews. “We believe we can help both the lenders and the borrowers to make an adjustment in loan terms quickly, securely, conveniently, without errors and at a low cost by moving the entire process online. Considering the number of lenders who are already connected to our network and have integrated with our comprehensive expedite document distribution services, we believe this new loan modification service is a natural extension that allows us to support our customers – and their customers.”
About eLynx
eLynx, a portfolio company of S&P 500 member American Capital Strategies Ltd. (NASDAQ: ACAS), provides the most widely used network for electronic document communications services for the financial services industry. Enterprises use eLynx to capture and maintain data electronically throughout the document life cycle, automating paper-intensive processes, improving workflow, reducing costs and ensuring compliance with industry regulations. eLynx serves more than 600 financial institutions including 17 of the top 20 mortgage lenders and more than 100 insurance carriers in the United States. eLynx enables more than 65 percent of the nation’s mortgage closings. In addition, more than 4,000 enterprises worldwide with more than 4 million users in a broad spectrum of industries use eLynx's print management solutions. The company, founded in 1994, operates nationally with headquarters in Cincinnati, Ohio and offices in Portland, Oregon along with data centers throughout the United States. For more information visit www.elynx.com.
CONTACT:
Robert Nilsson
Vice President of Marketing and Market Development
eLynx
rnilsson@elynx.com
Beverly Bartley
Martopia
Vice President of Communications
Media contact for eLynx
bbartley@martopia.com
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