eSignLive and eLynx Tackle eMortgages in Phases
Automating the first two phases of an eMortgage delivers real-world results
October 19, 2003 — MBA 90th Annual Convention and Expo, October 19, 2003 – At the MBA 90th Annual Convention, lenders will be attempting to create and define their organization’s eMortgage strategy. With published industry standards, established legislation and growing industry initiatives to drive adoption, now is the time for lenders to finalize their eMortgage strategy. What many lenders don’t realize is that breaking their initiatives down into phases can not only help them achieve real-world benefits today, it will also enable them to prime their organization to leverage future opportunities as the eMortgage market grows.
“We see four key phases in the adoption of true e-closings, said Phillip E. Huff, president and co-founder of eLynx. “The first phase involves electronic document delivery, which a number of large and small lenders are already using. The second phase involves adding electronic signature technology to the mix to drive even greater benefits.”
In March, eLynx and Silanis unveiled their solution to meet “phase two” with the launch of uSign™, the first service that enabled lenders to deliver early loan documents and disclosures directly to the homebuyer for immediate electronic approval. Both Fairfield Financial Services and Guaranty Bank have licensed uSign as a way to capture homebuyers’ signatures on the required early disclosures and application documents. Capturing electronic approvals enables lenders to eliminate costly courier fees, shave days from the application process, and directly leverage investments made in LOS and document management systems by keeping processes completely electronic.
“What most organizations need to realize is that starting with electronic mortgage disclosure documents will help them to cut costs and capture more customers, preparing their customers for eventual electronic closings,” said Michael Laurie, vice-president and co-founder of Silanis. “Lenders can save hundreds of thousands of dollars in courier and document processing cost by integrating electronic delivery and electronic signatures into their current processes.”
eLynx and Silanis are now working on tackling phase three of the eMortgage, which involves using native Printer Control Language (PCL) to create a note that is converted into SMART Doc format, signed, and delivered back to secondary market investors. The final phase, a true remote electronic closing, is slated as a future project.
About eLynx
Cincinnati-based eLynx Ltd. provides the mortgage industry with all the tools needed for electronic delivery of documents. eLynx launched its secure electronic document delivery (EDD) service in June 1999. The company’s WPS (Web Posting Service) interfaces with any existing system to deliver data and documents securely on the Web in a fraction of the time and cost of conventional overnight and mail services. In 2002, eLynx customers accounted for more than 25 percent of all mortgage originations. For more information about eLynx, visit the company’s Web site at www.elynx.com.
About Silanis
Silanis Technology is the leading provider of solutions that automate the Business Approval Process. The company’s award winning desktop and server-based solutions leverage electronic signature and approval technology to achieve total automation. With over 1,000 customers across government, mortgage, auto finance, insurance, banking and FDA regulated industries, Silanis has over a decade of experience in developing and delivering solutions that work the way organizations do. Silanis' flagship customers include the US Joint Chiefs of Staff, US Army Medical Command, GMAC CM, and Stewart Title.
Contact
Mary Ellen Power, Silanis
(514) 337-5255 ext. 1117, [email protected]
Allison Smith, William Mills for eLynx
(678) 781-7216, [email protected]
Michael Ziepfel, Corporate Communications Manager, eLynx
(513) 612-5925, [email protected]