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Wells Fargo Correspondent Lenders Gain Access to eLynx’s uSign® and SwiftSign® — eSignature Technology Approved for Initial Disclosures and 1003s
April 03, 2008
CINCINNATI – April 3, 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 that Wells Fargo Funding has approved eLynx’s uSign® and SwiftSign® electronic signature services for use by all of its correspondent lenders. Correspondents will now be able to choose uSign and SwiftSign to incorporate eSign capabilities into their lending operations.
As a result of its established leadership in the eSignature space, eLynx is among the first vendors to be approved by Wells Fargo Funding. Correspondent lenders – including over 500 already on the eLynx network – will benefit from the speed, efficiency and security that come from using uSign or SwiftSign for initial disclosures and 1003s. Wells Fargo Funding is adopting the eSignature process by linking correspondents with approved eSignature vendors and accepting loans with eSigned disclosures and, ultimately, closing documents.
According to Sharon Matthews, eLynx president and CEO, the benefits of incorporating uSign and SwiftSign are substantial. “Literally hundreds of correspondent lenders are on the eLynx network, as are 17 of the top 20 institutional lenders in America,” says Matthews. “Many are already doing business with Wells Fargo Funding today. They currently enjoy the full range of eLynx’s expedite™ products and services to securely package, convert and electronically submit and receive imaged loans, formatted to individual institution specifications. Lenders and investors both benefit from the electronic transfer of loan documents and data, doing more business more efficiently. By bringing uSign or SwiftSign into the equation, Wells Fargo Funding and its correspondent lenders gain efficiencies for electronically originated loans on top of the already significant document management capabilities of the expedite suite of services.”
Moving forward, Wells Fargo will accept initial disclosures and preliminary 1003s that are signed with uSign or SwiftSign. For those correspondent lender customers currently employing the eLynx network for Electronic Investor Delivery, “switching on” to do business with Wells Fargo is easily accomplished and adding eSignature capabilities is an equally simple affair.
“Between all of the various vendors, lenders and customers on the eLynx network there are an incredible number of technology platforms in use,” explains Matthews. “Our goal is to help lenders integrate all of these silos, which we’re in the unique position to do. expedite becomes the hub that connects them all, from origination through closing. It’s much more cost-effective and efficient, as opposed to everyone trying to create their own unique, vertically integrated silo from the lender all the way to the consumer. The eLynx network, with the added advantage of uSign and SwiftSign eSignature technology, provides lenders with an actionable roadmap to the eMortgage.”
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