The mortgage closing process is a time-sensitive and document- and data-intensive process involving multiple parties. Lenders, settlement agents, attorneys, and borrowers must all work together to close a real estate transaction. This complexity creates a set of challenges, particularly for lending institutions, including:
- Lack of transparency
- Significant risk of fraud
- High degree of process and data fragmentation
Lenders typically have no visibility or control over the closing process once the documents are prepared and sent to the closing agents. eLynx created eCN (the electronic closing network) to address these challenges. Leveraging all of the expedite capabilities, eCN includes a suite of modules that give lenders transparency and control of the closing workflow while significantly reducing the risk of loss due to fraud and compliance automatically built in.
Settlement Agent Management
The Settlement Agent Management (SAM) module of eCN provides a mechanism for registering and validating closing agents. With over 100,000 closing agents registered, it represents the largest verified network of closing partners and agents available to the nation's lenders.Read More
The Settlement Agent Management (SAM) module of eCN also provides protection against fraud perpetuated by borrowers taking out multiple loans for the same property. Sophisticated algorithms detect when multiple loans are in process for the same address before the closing, and automatically alert all lenders involved.Read More