eLynx has completed an integration with Landtech Data, a provider of systems used by real estate settlement services providers. Landtech Data is also noted for creating the first real estate settlement system for desktop computers in 1981. 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 rules (TRID).
LandTech users can now save significant time and effort by directly accessing eLynx’s Electronic Closing Network (eCN) 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.
John Ralston, director of Title Services at eLynx, explained: “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.”
Landtech Data’s Director of Sales and Marketing Benjamin Bell noted, “With this integration, settlement agents using Landtech Data’s XML Real Estate Settlement System can automate collaboration with lenders and help them meet their new obligations under the TRID regulations.”
“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,” said Ralston. “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,” he 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 email@example.com.