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eLynx Adds Appraisal Delivery Solution to Document Collaboration Platform--Helps customers meet the fast approaching HVCC appraisal disclosure requirement.
March 16, 2009
CINCINNATI – March 16, 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 a new appraisal delivery solution has been added to its expedite™ platform to provide for new appraisal disclosure requirements in the Home Valuation Code of Conduct (HVCC). The solution enables lenders to comply with the new requirement while meeting communication preferences of their borrowers. The eLynx appraisal delivery solution is already in production at multiple lender customers and is available to all eLynx customers who utilize the eLynx expedite™ platform. “
The new rule goes into effect on May 1, 2009, and many lenders are still looking for a solution,” said Sharon Matthews, eLynx president and CEO. “The GSEs will not buy loans from any originator who fails to comply with HVCC. In our effort to serve the industry, we are pleased to offer an approach that can be implemented in time to meet the deadline while offering savings and process improvements to our customers.”
The borrower notification requirement is only one of many new lender requirements in HVCC, but it is among the most onerous as it requires lenders to provide workflow for a task they have never been required to do before. eLynx customers have a solution already available to them as the eLynx expedite™ platform offers powerful disclosure and fulfillment capabilities through integrated electronic and paper channels.
Franklin Savings, based in Maine and a long-time eLynx customer, has used expedite™ for several months to deliver appraisals to borrowers. The bank is also using an optional feature that enables appraisers to upload appraisals securely to the lender. “We like to stay ahead of the compliance rules,” said Katrina Pease, Franklin Savings Bank Operations Manager. “eLynx made it easy for us to get ready for the new appraisal requirements with a simple solution and smooth implementation.”
eLynx provides a complete appraisal delivery solution with multiple options and reporting. The delivery takes place securely through the eLynx expedite™ platform. Lenders can capture borrower consent on the delivery and audit trails provide a history of the entire process. All eLynx solutions have integrated paper fulfillment with the ability to automatically deliver paper copy when electronic channel is not an option. Lenders can also take advantage of the enhanced audit trail for paper delivery. All eLynx document collaboration and distribution services are offered on-demand, allowing clients to take advantage of the new appraisal delivery capabilities with minimal impact on their current implementation.
About eLynx
eLynx, a portfolio company of 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 7 of the top 10 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.
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