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eLynx Introduces Enhanced Audit Trail for Paper Delivery of Mortgage Documents — Lenders Benefit from Integrated Watermarking and Automated Archive Image Routing
September 10, 2008
CINCINNATI – September 10, 2008 – 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 the availability of a new watermarking capability for our paper delivery customers of the expedite™ platform. These new capabilities simplify and improve compliance with the Real Estate Settlement Procedures Act (RESPA) disclosure requirements for the mortgage industry.
The new watermarking capability was initially designed to aid the compliance department within one of eLynx’s leading lender clients, and is now widely available for use. Watermarking and automated image routing provides an enhanced audit trail for the paper delivery channel. Documents are watermarked at the time of processing by expedite and an electronic copy is automatically routed to the lender’s imaging system for record retention.
“One of the outcomes of the market contraction is increased regulation within the mortgage industry. Our clients are experiencing growing oversight, new rules and regulations and an increasing risk of penalties,” said Sharon Matthews, eLynx president and CEO. “The watermarking enhancement to expedite will help lenders prove to regulators that they have in fact complied with the requirements.”
“Paper-based processes are traditionally challenging from a compliance and audit perspective,” Matthews continued. “eLynx clients have overcome these challenges by implementing our electronic delivery, consent and signature services. However, not all consumers are ready to embrace electronic communications, so we also offer an integrated paper delivery channel. And with expedite’s new watermarking capability, we’ve made paper channel delivery significantly more auditable – nearly on par with wholly electronic processes.”
The enhanced paper delivery audit trail option is in production and available to all expedite clients through the eLynx network. With 17 of the top 20 American lenders playing an active role on the network, the company is able to pass on innovation created by and for particular lenders to the other members of the network. Since eLynx document collaboration and distribution services are offered on-demand, clients who elect to take advantage of enhanced paper compliance will see minimal to no impact on their current implementation.
“At eLynx, we always encourage our clients to come to us with challenges that cannot be addressed in-house. Our purpose is to bring innovation into the daily operations of customers that we serve.” said Matthews.
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.
CONTACT:
Robert Nilsson
Vice President of Marketing and Market Development
eLynx
rnilsson@elynx.com
Beverly Bartley
Martopia Vice President of Communications
Media contact for eLynx
bbartley@martopia.com