Black Knight Financial Services

eLynx Joins Black Knight Family

Click here

BLOG CONTACT

Settlement Agent Management

With the increased risk of fraud and greater need for scrutiny in the loan process, lenders need more transparency with their closing partners and agents. The Settlement Agent Management (SAM) component of the eCN from eLynx gives lenders the tools and information they need to work with their closing partners.

 

At the heart of eLynx’s electronic closing network (eCN) is SAM. 100,000 of the nation’s closing agents are registered and maintained within eCN. Registered agents handle closings for virtually every bank in the US.  It is a simple process taking a settlement agent just a few minutes, but it greatly reduces a lender’s risk of fraud perpetuated by closing agents.

 

SAM also provides greater visibility into the status of the closing including the scheduled closing date and information about funds disbursement.

  • Reduced risk of settlement agent fraud
  • Better tracking of individuals executing loan closings
  • Better understanding of when loans have closed and funds have been disbursed
  • Ability to restrict access to loan documents from Settlement Agents that fail to represent the lender as the lender requires
  • Improved borrower experience through better closing coordination
  1. Before an agent can access documents sent by a lender through eCN, the agent must identify themselves by registering with eCN.  To register, the agent provides contact information, employer data, notary status, procedures for document handling, agent ID with Title Underwriters, and their history with lenders.
  2. The settlement agent then sees a list of loans assigned to them. In order to access the actual closing documents, they must provide information about the closing and have verified the GFE/HUD charges. Closing information includes:
    • The Title Underwriter who will be used
    • The agent's Title Underwriter Agent ID
    • County for recording documents
    • Scheduled closing date
    • Funds disbursement method, including specific bank routing information where applicable  
  3. Once the identity of the settlement agent is verified, the agent can view and print the closing documents.
  4. During the closing process, SAM records all activities related to the closing. This information is available to the lender and can be used to track the loan closing’s progress.