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eLynx and Stewart Partner to Deliver Electronic Closing Options for Lenders—Integration Brings Industry eMortgage Closer to Critical Mass
October 19, 2008
CINCINNATI – October 19, 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, announces the availability of electronic closing capabilities through the eLynx expediteSM platform. In an ongoing effort to address fragmentation in the closing process, eLynx is working with leading settlement entities to provide lenders with a variety of channels to electronically close loans, including through eLynx's own closing room.
Toward that end, eLynx has also announced a strategic partnership with Stewart Lender Services, a subsidiary of Stewart Title Company. Together, the two companies are bridging many of the gaps lenders face in moving toward the eMortgage. The integration of Stewart’s eClosingRoom™ electronic closing technology with the eLynx expedite platform, creates a seamless connection between lenders and eClosingRoom that does not require any additional integration on the lender's part. This integration supports electronic, hybrid, and paper closings, giving lenders more opportunities to leverage electronic processing efficiencies while providing a consistent experience for borrowers.
“The main hurdle to the electronic mortgage is and continues to be fragmentation among lender and vendor-specific electronic closing solutions,” explains Sharon Matthews, eLynx president and CEO. “Our networked approach is designed, with the lender in mind, to facilitate adoption of high volume, full and hybrid electronic mortgage practices. The name of the game in electronic closing is keeping lenders’ options open. Everyone wins when electronic closing is both vendor and lender agnostic. It's our goal to facilitate electronic closings in whatever way best suits the lender, and most importantly to them, the borrowers.”
Matthews notes that the integration of Stewart Title’s eClosing Room with the extensive eLynx lender network is significant in that it connects a large portion of the lending community with an established electronic processing channel, putting the whole industry closer to the critical mass required to make widespread electronic processing a reality. eLynx believes the next evolutionary phase for common closing scenarios will not only include branches and settlement offices, but even online closings.
“eLynx and Stewart are both committed to moving the industry toward widely accepted electronic closing practices,” says Jason Nadeau, president Stewart Lender Services. “This strategic partnership offers the greatest opportunity to date for our industry to make significant gains toward an entirely electronic lending process, which would benefit everyone involved, especially the borrower. Together, both eLynx and Stewart have the necessary market presence to provide a large number of both lenders and borrowers with a completely electronic closing experience.”
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.
About Stewart
PropertyInfo Corporation, Stewart Title Co. and Stewart Lender Services are a wholly owned subsidiaries of Stewart Information Services Corp. (NYSE-STC), a customer-driven, technology-enabled, strategically competitive, real estate information, title insurance and transaction management company. Stewart provides title insurance and related information services required for settlement by the real estate and mortgage industries through more than 9,500 policy-issuing offices and agencies in the United States and international markets. Stewart also provides post-closing lender services, automated county clerk land records, property ownership mapping, geographic information systems, property information reports, flood certificates, document preparation, background checks and expertise in tax-deferred exchanges. More information can be found at www.stewart.com.
Press Release/Media Contact:
Robert Nilsson
Vice President of Marketing and Market Development
eLynx
(513) 612-5942
rnilsson@elynx.com
Beverly Bartley
Martopia
Vice President of Communications
Media contact for eLynx
bbartley@martopia.com