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eLynx Adds Workflow Management to Electronic Document Platform—New Workflow Capabilities Provide for Enhanced Electronic Loan Processing
January 20, 2009
CINCINNATI – January 20, 2009 – eLynx, a portfolio company of American Capital (NASDAQ: ACAS) and provider of the most widely used secure electronic document collaboration and distribution network for the financial services industry, today announced new enhancements to its eLynx expedite™ platform that provide workflow capabilities lenders can use to manage loan processing and documentation electronically throughout the loan’s entire lifecycle. The new release is based on feedback from multiple lender customers and is available to all eLynx customers who utilize the eLynx expedite™ platform.
“One of the outcomes of the financial crisis is increased focus on reducing costs and improving efficiency,” said Sharon Matthews, eLynx president and CEO. “This requires lenders to take better control of their processes and to increase workflow automation. These enhancement to expedite™ will make it possible for lenders to accomplish that.”
The new enhancements are part of expedite™ and are built into electronic loan folders that give lenders unprecedented control over the process workflow. As documents within the folder change or new documents are added, appropriate parties can be notified as work is queued up. All loan related information is stored securely in a centralized location, including detailed notes about loan-level and document-level status changes that do not necessarily reside on traditional mortgage documentation. The system protects all sensitive data by making it easy to control who has access. A complete audit trail provides loan history and progress at every point in the loan lifecycle. In addition to improving process workflow, usability and individual workflow enhancements were also made for this new release.
According to Matthews, lenders are under intense pressure to cut costs and improve efficiencies in the current market. At the same time, more intense regulatory oversight has made compliance and error reduction even more important. Certain emerging trends indicate that these pressures will intensify in the future. eLynx customers are already responding favorably to the changes.
“eLynx has been very responsive to our needs. We are glad to see the new capabilities and expect them to greatly improve our workflow,” said Mark Cooley, VP of Operations at Golf Savings Bank.
“Lenders are always working to do more with less and our current environment is rewarding those lenders who achieve this,” Matthews said. “Those that are still struggling to free themselves from the high costs of paper documents will be under additional pressure as the industry experiences a potential increase in loan originations borne of lower mortgage rates and a government mandate to modify or refinance America’s mortgage debt. We expect lenders to continue to embrace expedite for these reasons.”
All eLynx services are offered on-demand, allowing clients to take advantage of the new capabilities with minimal impact on their current implementation.
About eLynx
eLynx, a portfolio company of S&P 500 member American Capital (NASDAQ: ACAS), provides the most widely used network for electronic document collaboration and distribution 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 enterprise document output solutions. The company, founded in 1994, operates nationally with headquarters in Cincinnati, Ohio and offices in Portland, Oregon along with redundant data centers in Beaverton, Oregon and Chicago, Illinois. For more information, visit www.elynx.com.
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Company Contact:
Robert Nilsson
Vice President of Marketing and Market Development
eLynx
rnilsson@elynx.com
Media Contact:
Rick Grant
800-979-9049
570-497-1026 (cell)
rick@rickgrant.net