eClosingNet
Gain unprecedented control over the closing process
Lack of transparency in the process. Significant risk of fraud. A high degree of fragmentation. These are some of the common challenges lenders face during the closing process — all of which can result in errors, delays, customer service issues and more. Another problem is that lenders typically have no control over the process once the documents are sent to the closing table. eLynx created eClosingNet (eCN) to address these challenges.
Built on eLynx’s widely used expedite™ platform, eCN is an innovative suite of services that transforms the closing/post-closing process into one that is more collaborative and more transparent — all in a secure electronic environment.
Stay connected
A central point of contact unites fragmented parties and streamlines the closing process.
eCN allows you to connect with industry partners better than ever before. eCN is the hub for lenders, settlement agents and title underwriters to collaborate on documents quickly, easily and securely. Now disparate and isolated parties with their own unique supporting systems and eClosing conduits can connect through a single hub rather than building multiple, point-to-point connections. And with eLynx’s electronic delivery of closing documents, you can deliver packages securely, immediately. The advantage? A streamlined process with greater continuity, shorter cycle time and lower cost.
eCN connections propel the industry toward eMortgage.
To closing and beyond, the aim is for all parties involved in the process to use eCN as the conduit for every transaction that takes place during the closing and post-closing process. Documents and data can pass from settlement agent back to the lender, and to title underwriters, QC providers, recording services and more via one network into multiple systems. By serving as the central hub through which documents and data pass electronically from one party’s system to another, eCN will pull together and streamline what has traditionally been a fragmented process, putting the entire industry on the path to true, end-to-end eMortgage.
Reduce risk
Security checkpoints show you who’s closing your loans.
Lenders are especially susceptible to fraud during the closing process because they often do not have enough information about third parties at the closing table. eCN’s settlement agent management (SAM) component acts as a security checkpoint, requiring agent registration and validation — including verification by the title underwriter — before an agent can access your closing documents. SAM gives you vital information about agents and their processes, so you can avoid fraud and other potentially costly problems that could arise from working with unknown agents. You also have the benefit of settlement agent scoreboards, a rating and review system that compiles feedback about agents from borrowers, underwriters and others.
Alerts help you combat multi-lien fraud.
Multi-lien fraud is increasing and can mean big losses for lenders. When multi-lien fraud arises, it’s often because there is no way to get timely data about closings that are happening simultaneously.That’s where eLynx’s industry relationships come in. Because eLynx delivers more than two-thirds of mortgage loans in the United States, we are in a unique position to monitor closing documents for property address matches across multiple loans closing within a defined timeframe. If the same property address arises on different loans, we’ll send you an alert right away so that you can take appropriate action.
Track progress
A transparent process helps you manage performance.
No longer will you lose control over your closing documents after they’ve gone to the settlement agent. eCN gives you total visibility into the various phases of the closing process, so you know what’s happening every step of the way. Automatically track all documents and data exchanged during closing, learn the status, close date and disbursement date of the loan, and get instant access to valuable reports that will help you manage the performance of the settlement agents and title underwriters working on your loan. This increased insight not only reduces your exposure to fraud; it also brings to light potential service problems so that you can take steps to improve the borrower’s experience.
Maintain compliance
eHUD will help reduce errors, penalties and costs.
New GFE and HUD rules, which take effect on Jan. 1, 2010, include a new format, new fields and new tolerance levels for variance between fees listed in the GFE versus the HUD. The new rules add increased complexity to an already complex and error-prone HUD process.
eCN’s forthcoming eHUD component will help you navigate this critical part of the closing process, and avoid the penalty fees and other costs that come with being non-compliant. Using eHUD, you and your industry partners will be able to work together online to reconcile the documents. Automatic audit trails and version control will help keep things coordinated, and data import/export will eliminate the need for manual data entry.