The integration enables lenders utilizing eLynx’s Expedite ID compliance solution to exchange property, fee and loan data electronically with the 3,000 settlement service providers in 47 states using Landtech Data’s XML Real Estate Settlement System.
This bi-directional exchange of data simplifies the collaboration required for lenders to generate the closing disclosure mandated by the TILA-RESPA Integrated Disclosure (TRID) rules.
The integration also provides benefits to LandTech users in that they can now access eLynx’s Electronic Closing Network from their desktops, eliminating the need to sign into the system separately. They can also receive lender fee data and send back settlement agent fees to the lender from within LandTech’s production solutions, further streamlining the process.
“Direct integration is far and away the fastest, most reliable and most accurate option for lender-settlement agent collaboration and eliminates a major obstacle lenders face in complying with TRID rules: the timely sharing of data between lenders and settlement agents,” says John Ralston, director of title services at eLynx, in a release. “By seamlessly sharing the data required to comply with TRID, lenders and settlement service providers can increase accuracy as well as reduce the cycle times, potential closing delays and costs associated with consumer disclosures. It virtually eliminates the need for manual data entry and the manual exchange of data. eLynx is extending this option to the entire eLynx registry of U.S. settlement service providers through integrations with Landtech Data and other title production systems.”
Landtech Data is also noted for creating the first real estate settlement system for desktop computers in 1981.