Solving Some Integrated Disclosure Problems

Now is the time to be as streamlined and efficient as possible. As such, lenders want a common solution that can be utilized across both direct and broker channels to handle the transition to the new CFPB integrated disclosures. This transition to integrated disclosures presents challenges for the retail channel in the creation of the Closing Disclosure and the broker channel in the creation of the Loan Estimate. Here’s one way to address this concern:

In this case, eLynx has updated its Expedite Services Platform to normalize the workflows. eLynx’s Expedite platform includes secure, compliant eDelivery, eSignature, and integrated print-and-mail services. eLynx is enhancing and adding capabilities to capture fee data, generate the integrated disclosures documents, compare data on the Loan Estimate and Closing Disclosure, and alert the lender if the data does not fall within allowable variances. Lenders will use this same, high performance platform to generate and deliver the Loan Estimate to consumers and the Closing Disclosure to consumers and closing agents while meeting the stricter timelines.

“The Integrated Disclosures rule presents a significant market challenge because of the collaboration, coordination and control required throughout the loan life cycle,” says eLynx President and CEO Sharon Matthews. “Lenders have consistently looked to eLynx precisely because our solutions deliver these very characteristics. Applying them to solve for integrated disclosures is a natural and straightforward evolution for us.”

eLynx’s recently announced acquisition of Medallion Analytics further addresses this market challenge and is an integral component of eLynx’s approach to the integrated disclosures transition. For example, to properly support the creation of the new Closing Disclosure, lenders need an efficient, accurate and cost-effective way to receive data from settlement agents. This same need exists in the broker channel where lenders need to receive data from brokers to create the Loan Estimate. With eLynx, brokers are able to prepare the Loan Estimate, submit them to the lender for review and then have Expedite deliver them either electronically or printed and mailed to the consumer all within the three-day compliance window.

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