Technology Spotlight: What’s The Rush To Automate?

*What’s The Rush To Automate?*
**Bank of Oklahoma Mortgage Group Profiled

***You may ask: What’s the rush to automate? If you want to ensure a compliant process you have to automate. Luckily some lenders are getting this message. For example, eLynx, a portfolio company of American Capital told PROGRESS in Lending that Bank of Oklahoma Mortgage Group is now processing loan documents on the eLynx Expedite platform. With Expedite, the bank prepares and delivers all loan documents to borrowers electronically, including electronic consent and signatures. Borrowers that do not provide an email address or decline the electronic delivery process will have their documents automatically printed and mailed using eLynx’s redundant and secure print-and-mail facilities. Loan officers never lose a document because this fail-safe offering that facilitates all borrower deliveries with comprehensive tracking and auditing capabilities.

****The addition of these services represents the first phase in an initiative that will ultimately enable a fully electronic, end-to-end workflow for Bank of Oklahoma Mortgage Group’s processes. The next phase involves implementation of eLynx’s electronic closing network (eCN) services with settlement agent management, secure delivery of closing documents, title underwriter validation of the settlement agent and closing transaction, fraud notification, and electronic HUD reconciliation with settlement agents.

****“We are pleased with how eLynx stepped up quickly to help us improve our borrower loan document fulfillment business processes, which are critical to the continued strength of our business,” said Ben Cowen, president of Bank of Oklahoma Mortgage Group. “With the Expedite platform and eCN, eLynx offers us the roadmap and technology we need to realize our vision of a truly integrated, end-to-end electronic mortgage workflow. That is the key to our efficiency and continued growth.  We are confident that this partnership will empower us to fulfill our vision for the bank.”

****“It is a pleasure working with a visionary company such as Bank of Oklahoma Mortgage Group,” said Sharon Matthews, president and CEO of eLynx. “The fast-moving executives at BOK realize that the adoption of eMortgage technologies provides financial and customer service benefits right away. This forward-thinking institution is taking the paper out of its mortgage process while simplifying its existing loan processing workflow.”