While there have been rumors circulating that some technology vendors may not be ready for the august 1st deadline, others are touting the fact that they are already good to go. I reported earlier that ASC’s Power Lender LOS, transaction management expert CSi, and document compliance provider DocMagic have publically said that their solutions are already in the hands of lenders. Now, eLynx has announced that its Expedite ID (Integrated Disclosures), a compliance solution that fulfills lenders’ requirements for complying with the CFPB’s TILA/RESPA Integrated Disclosures (TRID) rule on August 1, 2015, is ready, as well. New compliance features, combined with the capabilities of eLynx’s Expedite services platform, provide lenders with a compliance solution for TRID while enhancing quality throughout the loan lifecycle.
Expedite ID unites TRID-specific functionality with the proven foundation of eLynx’s collaboration services which are already in production, including the Expedite suite of integrated on-demand services; eCN, the electronic closing network used by over 85,000 registered closing professionals; and Expedite Inbox, a lender-branded consumer portal that streamlines interactions with consumers. TRID compliance capabilities added to eLynx production services include:
>> The ability to obtain fees from multiple sources, including third party providers, and present them to lenders for final determination and document generation
>> TRID-specific electronic collaboration capabilities to assist the exchange of fee data between lenders and settlement agents
>> Full support for capturing consumer consent and complying with new waiting periods and variance limits
>> Pre-funding and post-close audit functions to reconcile the final loan package with the lender-approved loan and ensure post-close compliance and quality
To help them prepare for the transition to TRID, eLynx customers will be getting hands-on experience with Expedite ID via a secure test environment soon. Additional TRID-related enhancements are in development and will be announced over the next several months.
“Having a long-established consumer portal with the Expedite Inbox and a huge, existing database of registered closing professionals gives us a definite advantage in helping our customers prepare for TRID. There’s less worry about getting agents registered and more emphasis on the collaboration process itself,” said Sharon Matthews, eLynx president and CEO.
Matthews noted that Expedite ID can be deployed as a complete end-to-end solution or components can be deployed individually to meet specific lender requirements. “With the Expedite platform, customers get a full compliance solution that supports the entire loan cycle through post-close, and provides integrated, end-to-end documents and data,” Matthews said.
About The Author
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at firstname.lastname@example.org.