eLynx, a portfolio company of American Capital, has rolled out a new electronic closing network (eCN) service designed to increase loan quality and provide more control in order to meet the government's new demands for more accurate closings.
The company says a top-five lender/servicer is now in full production with the eLynx eCN, resulting in over 20% of the nation's mortgage volume already moving through the new system.
The service's settlement agent management component provides information about the agents who handle the closings, their processes and disbursement. These details, which eLynx notes have traditionally been difficult to obtain, will help lenders accelerate the delivery of the closing package and funds, as well as avoid fraud.
eLynx reports that over 65,000 of the 300,000-plus settlement agents the company works with have already registered on the eCN system.