The March Toward Paperless Processing Continues

North American Savings Bank, F.S.B. has licensed VirPack’s Document Management and Delivery System. After evaluating its processes and third-party options, North American Savings Bank (NASB), a national mortgage lender headquartered in Grandview, Missouri, has concluded that licensing VirPack’s advanced Document Management and Delivery System would reduce its dependency on paper and trim costs and improve origination efficiency. Also, it increases its loan origination capacity, and ensures compliance with Consumer Financial Protection Bureau and state regulations.

“NASB continues to look for ways to enable our loan origination staff to expedite the collection, review and approval of loan documents to compress the time and cost required to underwrite and close loans,” said Bruce Thielen, executive vice president of residential lending at North American Savings Bank. “We conducted a thorough review of document management and delivery systems in order to find a solution that would provide the capabilities needed to accelerate the mortgage origination business.”

NASB required a system that interfaced with its loan origination system and made document submission, upload and handling easier and more efficient than it was in the past. NASB found the VirPack system easy to use and highly configurable, which will enable them to streamline workflow throughout the loan process.

“We are pleased that NASB selected VirPack’s Document Management and Delivery solution. Their selection of VirPack is yet another confirmation that the investments we continually make to expand our document management system technology and capabilities are aligned with the needs of technology focused mortgage lenders like NASB,” said Cy Brinn, chief operating officer at VirPack.

New Acquisition Invites Future Innovation

By now the news has hit that DocMagic has acquired eSignSystems. Over the course of the last 12 to 18 months we have seen a lot of mortgage technology firms get acquired and that trend will likely continue. However, in my mind, this acquisition stands out and is worthy of special note. Here’s why I say that:

DocMagic is known to be a market leader in terms of overall market share when in comes to the mortgage document creation business. In this case, eSignSystems was looking for a more strategic parent. Industry events such as the I.R.S. accepting e-signatures, FHA opening its doors to e-mortgages, The CFPB’s new disclosure rule set to hit the mortgage industry in August of next year and the new CFPB e-closing pilot, have really made the demand to migrate to full electronic processes very apparent.

With all of these industry events happening within the span of just a year, the marriage of DocMagic and eSignSystems really makes sense. DocMagic is a leader in providing an enterprise-level, Software as a Service document creation and fulfillment service. eSignSystems on the other hand has been offering eSigning, eDelivery, and eVaulting technology on-premise to technology providers and lenders since 1999. As a result, the combination of these two companies will enable these two companies to offer industry participants a more turnkey, end-to-end electronic process however they want it, either on-premise installed or as a Web-based solution.

Why is this significant? First, because you now have the combined brain-trust of both executive teams that have been heavily involved in and have been actively pushing electronic processes for almost 20 years. It’s important to note that eSignSystems will continue to operate as a standalone business and the entire executive team is staying in place. Specifically, Kelly Purcell remains EVP of sales and marketing, Jonathan Kearns stays SVP of technology solutions, Brian Pannell continues as VP of client services, etc. In fact, the development team at eSignSystems is expected to grow considerably.

“The acquisition of eSignSystems by DocMagic is a marriage of extraordinary talented and visionary people with incredible SaaS and on-premise products and services,” said Dominic Iannitti, President and CEO of DocMagic. “The management team at eSignSystems has done an exceptional job bringing innovative solutions to the forefront of e-mortgage adoption, and their contribution to the eMortgage revolution cannot be overstated. By combining the best of eSignSystems on-premise software with DocMagic’s SaaS solutions, eSignature patent, compliance and enterprise infrastructure, there is no question that this acquisition was meant to be. Simply put, we are just better together.”

As a result, those lenders that want to turn on eSigning, eDelivery and eVaulting like a switch in an Internet-based environment can now do just that. On the other side of the coin, those lenders that want an installed on- premise e-process can do that, as well.

Kelly Purcell described the industry advantages of the acquisition this way, “Enabling electronic disclosures was great as a starting point, but now because of several crucial industry events, you can implement the full e-process, including closing. The combination of DocMagic and eSignSystems gives our customers and industry stakeholders additional choices. To use a sports metaphor, we’re no longer playing a two-inning game, we’re playing the full nine innings.”

What are the broader industry implications of this acquisition? Purcell answered, “As the migration away from paper to electronic processes becomes more pronounced this acquisition is poised to help our customers and the lending community embrace true innovation. This represents a big step forward in making electronic solutions available to all technology providers and lenders, regardless of size, to realize better efficiency, greater compliance and an improved borrower process all at the same time. This acquisition makes that possible.”

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E-Signing Adoption Continues To Climb

The electronic signing momentum in the mortgage industry continues to climb as more and more lenders turn to this technology. For example, New Penn Financial, Plymouth Meeting, Pa., will deliver compliant initial disclosures for approved correspondent lenders who sell their production to the mortgage company using DocMagic’s secure e-sign and e-delivery technology. Here’s why New Penn embraced “e”:

“Helping correspondent lenders grow their businesses while reducing their compliance risk is something we do well,” said Dominic Iannitti, President and CEO of DocMagic. “We’re very pleased to introduce our existing customers to New Penn Financial as an investor for their loans and look forward to providing our services to their existing correspondents, including our secure e-sign, electronic document technology and legal compliance services.”

As part of the relationship, DocMagic will provide New Penn Financial’s investor initial disclosure packages with DocMagic’s secure e-sign service.

“The majority of our correspondents already use DocMagic, so it was a natural decision to have them maintain our investor docs. Their ability to keep our documents correct and help our third party originators stay current and compliant is well proven,” said Brian Simon, COO of New Penn Financial. “With the amount and velocity of compliance changes occurring in our industry, now more than ever we needed a partner who could keep pace with our growing institution and ensure full compliance in a fast-changing regulatory landscape. DocMagic exceeds those expectations and criteria. We’re proud to be working with them.”

New Penn Financial has become a leading nationwide lender by bringing expertise, extremely competitive rates on a broad portfolio of mortgage products, and exceptional customer service under one roof. Founded in 2008, and licensed in 48 states, the company and its reputation have grown rapidly under the guidance of a management team with years of experience in the mortgage industry. New Penn is headquartered in Plymouth Meeting, Pennsylvania and operates 50 branch offices nationwide.

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E-Consent And E-Delivery Get A Boost

Mercury Network has added new features to their popular SureReceipts service for lenders to securely deliver documents to borrowers in compliance with the new ECOA Valuations Rule disclosure requirements. As with all new features, the SureReceipts enhancements were deployed across the entire user base, giving over 600 lenders and AMCs the ability to document a borrower’s consent for electronic delivery in compliance with the E-Sign Act component of the new ECOA requirement.

With the enhancement, the borrower’s acceptance or dissension is recorded separately from the document download in the transaction audit trail. In addition, if a borrower declines electronic delivery, the file can be automatically pushed to the user’s “Action Required” folder to prevent disclosure compliance violations and closing delays.

“All Mercury Network users have access to the SureReceipts service at no charge, but when the ECOA Valuations Rule took effect in January, many platforms and their lender customers weren’t prepared with a solution to document the borrower’s receipt of the appraisal”, stated Jennifer Miller, president of a la mode’s Mortgage Solutions Division. “We acted quickly to open the service to any lender or AMC, regardless of the other software tools they use, to provide a stand-alone eDisclosure solution for compliance.”

SureReceipts has already been used to document successful electronic delivery of the appraisal to over 110,000 borrowers since its launch in January. SureReceipts is available to any lender or AMC now for only 50¢ per secure send, or via API for seamless workflow integration. For more information on the service and the new compliance regulations, visit

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The New Electronic Document Exchange

You Can Download This Article As A PDF HERE

Schmidt_RandyThe time to send, receive and sign documents electronically has arrived. Recent regulatory and agency changes have brought the electronic document exchange discussion back to the forefront. Regulatory changes requiring lenders to provide additional documents to borrowers prior to closing have renewed lender interest in electronic document delivery. Market changes, requiring lenders to be more competitive, have them looking for better ways to communicate with their borrowers through document exchange. And the Internal Revenue Service and the Federal Housing Administration recently announced their acceptance of electronic signatures paving the way for more lenders to implement electronic signatures.

Let’s start with electronic document delivery. Electronic delivery has been around for a long time. It gained momentum after the tragedy of 9/11 when airlines were grounded and lenders were forced to find alternatives to overnighting packages. In the years since, most lenders have adopted electronic delivery of their closing packages to their attorney and closing agent networks. But with the recent changes to Regulation B requiring lenders to provide borrowers a copy of appraisals or other written valuations promptly upon completion, many lenders are starting to look at delivering electronic documents directly to the consumer.

Delivering electronic documents to the borrower was made possible on June 30, 2000 when President Bill Clinton signed the Electronic Signatures in Global and National Commerce Act (ESIGN) into law. The ESIGN Act allows the use of electronic records to satisfy any statute, regulation, or rule of law requiring that such information be provided in writing as long as certain conditions are met.

ESIGN requirements specifically state that applicant must affirmatively consent to receiving their documents electronically. It also states that prior to receiving this consent that the lender must provide the consumer a clear and conspicuous statement informing them of:

>> Right to have documents made available in paper form

>> Right to withdraw consent and any conditions, consequences or fees in the event of withdrawal

>> Whether the consent applies to a particular transaction or to an entire category of electronic records

>> Procedures for withdrawing consent

>> Instructions on how to request paper copy and whether any fee will be charged

>> Any Hardware and/or Software requirements necessary

If a consumer consents electronically, it must be done in a manner that reasonably demonstrates that the consumer is able to access the information in the electronic form that will be presented. The lender must also assure that once presented, the consumer has the ability to retain a copy for their own records.

ESIGN however did not change any of the timing requirements required of lenders. Initial disclosures must still be sent three days after application, appraisals must be sent promptly upon completion and final disclosures must be received by the borrower three days prior to closing. Fortunately, one of the benefits of electronic delivery is that an audit trail of the entire delivery process is created. Each step along the way is recorded with a date and time stamp making sure that you stay compliant.  Rule sets may be created alerting you to any packages that need special handling.

But document delivery is only the first piece of the puzzle. While many lenders have done an excellent job of making information available to their customers, all too often it is a one-way street. Document Exchange allows for two-way communication with your borrower. Not only can you deliver documents to them safely and securely, but document exchange allows them to send documents back to you just as easily.

Many times documentation will be needed from a borrower. Perhaps you need a copy of their most recent paystub or W-2. Or maybe you need to request their last few years of tax returns. Unfortunately, many lenders have been asking borrowers to send this information via e-mail putting their customer’s personal information at risk.

A recent survey published by HALOCK Security Labs of Schaumburg, Illinois found that many mortgage lenders allow practices that put their customer data at risk. In their survey of 63 U.S. mortgage lenders, they found that 45 lenders (over 70%) permitted applicants to send personal and financial information over unencrypted email. Even large lenders were not immune to this practice as their survey indicates that eight out of the eleven top lenders surveyed, again over 70%, allowed for the same unsecure transmission of customer data.

While it may be the most convenient way to communicate with today’s always on the go borrowers, both lenders and consumers need to rethink this practice.  As Terry Kurzynksi, Senior Partner at HALOCK Security Labs, states: “Any type of weak link in a system involving sensitive information exposes people to unnecessary risk.  It takes months to recover from an identity theft and minutes to log into a secure portal.  Do the math.”

Fortunately, creating this two way document exchange portal is relatively easy. There are many vendors offering document exchange on a Software as a Service (SaaS) or cloud platform making the barrier to entry quite painless. By using cloud services, lenders can get started with a minimal investment. They don’t need to invest in multiple servers or expensive software. Scalability is also taken care of as computing power can be scaled up or down as needed. Infrastructure costs such as redundancy, disaster recovery, virus scanning, intrusion detection and others are all handled by the provider. By spreading the cost of the infrastructure among its many clients, SaaS providers allow companies to make use of a much more robust security shield than if they were to provide it themselves. Couple that with per sender, loan level or transactional pricing where you only pay for the services that you use and document exchange makes even more sense.

The final piece of process, and the one getting the most news lately, is having your documents electronically signed. Last year the Internal Revenue Service began accepting electronic signatures on the 4506-T income verification form. And most recently, the Federal Housing Administration has widened their acceptance of electronic signatures on documents associated with mortgage loans.

With the new QM rules and lenders needing to verify the borrower’s ability to repay, income verification with the IRS has become commonplace. By accepting electronic signatures, the entire process can be speeded up.  Instead of sending a document out to be wet signed and waiting for its return, lenders can now request the 4506-T be electronically signed and then sent directly to the IRS or their IVES vendor saving days in the verification process.

On January 30th, 2014 the Federal Housing Administration announced that it is granting expanded authority to lenders to accept electronic signatures on documents associated with mortgage loans. According to their announcement, the new policy allows e-signatures on origination, servicing, and loss mitigation documents, as well as FHA insurance claims, REO sales contracts and related addenda. Previously, FHA only allowed for electronic signatures on third party documents like sales contracts or other documents on controlled by the lender.

As part of their announcement, FHA has defined certain standards that mortgagees who wish to use electronic signatures must comply with. These standards include:

>> Associating an electronic signature with the authorized document

>> ESIGN Act compliance

>> Intent to sign

>> Single use of signature

>> Authentication

>> Attribution

>> Credential loss management

>> Integrity of records

>> Quality control

>> Record retention

>> Information collection requirements

More information regarding these standards can be found in the U.S. Department of Housing and Urban Development’s mortgagee letter 2014-3. Many people regard FHA’s acceptance as a significant milestone which will become the tipping point of widespread use of electronic signatures in the mortgage industry.

So what exactly is an electronic signature? The ESIGN Act defines an electronic signature as “an electronic sound, symbol, or process, attached to or logically associated with a contract or other record and executed or adopted by a person with the intent to sign the record.”

And just like document exchange, the process for adding electronic signatures to your documents is relatively easy. There are many vendors available that have solutions that will walk both you and the signers through the entire process. A typical signature process starts with the creation of your documents. Once the documents are electronically printed, signers are defined and signature points are placed on the document. The document is then delivered to a signing room where an invitation is sent to each signer. Once the signers enter the signing room and authenticate themselves, the document is presented to them for their review. The signers are taken to each individual signature point, where they can affix their electronic signature. Once all signature points have been signed, the signer is presented with a final notice that they are creating a legally binding signature and by acknowledging such they are proving their intent to sign. Once all signers have completed the process, a tamper proof seal is affixed and the e-signed document is complete.

So whether you are looking for document delivery, document exchange or electronic signatures, there is no time like the present. When it comes to electronic documents, you can finally say signed, sealed and delivered!

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Electronic Documents: Signed, Sealed And Delivered

The concept of taking paper documents and turning them into electronic documents has been around for quite a while. What started out as lenders electronically transmitting their closing packages to the closing table to have them printed out and wet signed has evolved into a fully electronic process for both closing and disclosure documents. But recent events have made delivering documents electronically become more mainstream.

The first is Technology. Advancements in electronic signing and transmission technologies make the process of sending electronic documents easy. Previously, special documents had to be setup in advance in order to contain electronic signatures. Today, virtually any document that you can print to a printer can be electronically delivered to and signed by the recipient. Previously, expensive software or servers had to be installed and maintained to process documents electronically. Today, much of this processing has been moved to the cloud. The benefits of moving processes such as this to the cloud is that the costs of the infrastructure, hardware, security, redundancy, etc. can be shared among all users of the service. Many providers offer monthly subscription or pay per use pricing. Only paying for services that you are actually using is a great way to manage your costs as the market fluctuates.

The next factor that is driving adoption of electronic documents is acceptance. While consumers have been using electronic documents in other industries for years, many in the mortgage industry were reluctant to make that switch. One of the primary reasons given was that not all investors or government agencies were accepting electronic signatures. Documents such as the IRS’s 4506-T still required an actual handwritten signature. And since lenders still needed to mail out a package containing a paper document to be signed, it didn’t make sense to do some documents on paper and others electronically. But with most major investors onboard and the IRS now accepting electronic signatures on the 4506-T, the last remaining hurdle has been eliminated.

The final factor is regulatory compliance. On January 18, 2014 a change to Regulation B (ECOA) went into effect that requires lenders to provide borrowers “…copies of each such appraisals or other written valuation promptly upon completion, or three business days prior to the consummation of the transaction (for closed-end credit) or account opening (for open-end credit) whichever is earlier.” Where previously lenders would deliver these documents at the closing table, they must now deliver them prior to closing. The only exception is if the borrower signs a waiver of their right to receive these early. So whether you are delivering the appraisal, or asking the consumer to sign a waiver, doing this process electronically not only assures your compliance with the regulation but also provides an audit trail for your auditors.

So given the advanced state of document technologies, the current acceptance level with investors and government agencies, and the new regulatory environment that exists today it is easy to see that now is the perfect time to take the plunge into the world of electronic documents.

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Are You Prepared?

You can Download this article as a PDF HERE

TME-RSchmidtNew rules and updates to current regulations in the mortgage industry are being rolled-out at an astonishing rate. During the last few months alone, regulators have crafted revisions to a number of the regulations that have been a part of the mortgage industry for years. As a result, lenders are forced to quickly change policies and procedures within their organization to comply with these changes.

With many of the implementation deadlines for these new and updated regulations quickly approaching, the question is, “Are You Prepared?” Have you made the appropriate changes to your processes and procedures to correctly handle these changes? Have you been able to implement technology that allows you to better respond to impending changes and ones that have not rolled out yet?

One such change is a modification to Regulation B (ECOA), which takes effect on January 18th, 2014. The regulation is §1002.14 Rules on providing Appraisals and other valuations reads in part: “A creditor shall provide copies of each such appraisal or other written valuation promptly upon completion, or three business days prior to the consummation of the transaction (for closed-end credit) or account opening (for open-end credit) whichever is earlier.”

In addition, the regulation states that applicant may waive the timing requirement to receive the valuation prior to closing as long as the waiver is received at least 3 business days prior to closing. In any case, a copy of the valuation must be received prior to or at closing or within 30 days after the creditor determines that consummation will not occur.

The regulation goes on to say: “The copies required by § 1002.14(a)(1) may be provided to the applicant in electronic form, subject to compliance with the consumer consent and other applicable provisions of the Electronic Signatures in Global and National Commerce Act (ESIGN Act) (15 U.S.C. 7001 et. seq.).”

ESIGN requirements specifically state that applicant must affirmatively consent to receiving their documents electronically.  It also states that prior to receiving this consent that the lender must provide the consumer a clear and conspicuous statement informing them of:

>> Right to have documents made available in paper form

>> Right to withdraw consent and any conditions, consequences or fees in the event of withdrawal

>> Whether the consent applies to a particular transaction or to an entire category of electronic records

>> Procedures for withdrawing consent

>> Instructions on how to request paper copy and whether any fee will be charged

>> Any Hardware and/or Software requirements necessary

If a consumer consents electronically, it must be done in a manner that reasonably demonstrates that the consumer is able to access the information in the electronic form that will be presented. The lender must also assure that once presented, the consumer has the ability to retain a copy for their own records.

In addition to Regulation B (ECOA), a host of other changes have taken place over the past few years that have put pressure on lenders’ ability to quickly change and adapt to regulatory requirements and current market conditions.

For instance, Regulation Z changes added very significant new timing and delivery issues for early truth-in-lending disclosures, which are required for all closed-end mortgage loans. In essence, lenders are required to provide truth-in-lending disclosures (early/ initial disclosures) within three business days after receiving a mortgage loan application and before any fees are collected from the consumer, other than a reasonable credit check fee.

The rules also impose a waiting period of seven business days between the early disclosure and closing date. Additionally, lenders must provide revised disclosures, including a revised annual percentage rate if the existing interest rate significantly changes between the time the early disclosure is provided and the closing date.

As lenders continue to scramble to address these requirements and a flood of other regulations, it is important to look to technology solutions that can not only address these immediate needs, but also how they can be applied to future requirements and market opportunities. Lenders are quickly realizing that electronic delivery solutions can be very effective in meeting specific, new regulatory requirements.

As lenders look to effectively respond to these current market conditions, what should they being looking for in an electronic delivery solution? Here are the Top 7 things a lender should demand in an electronic delivery solution.

>> A solution that compliantly addresses new regulatory requirements.

>> A solution that can be easily deployed.

>> A solution that delivers document tracking and verification.

>> A solution with enhanced security and encryption.

>> A solution that provides ease of use for recipients.

>> A solution that provides increased loan profitability.

>> A solution that has a proven track record in the mortgage industry.

1. A solution that compliantly addresses new regulatory requirements.

Lenders looking for the ability to effectively respond to the flood of new regulatory requirements must work with an electronic delivery provider that has in-depth knowledge and experience in the mortgage industry. For the solution to effectively meet the new regulations, the provider must have a proven track record within the mortgage marketplace.

2. A Solution that can be easily deployed.

In today’s fast pace and constantly changing mortgage market, lenders need solutions that can quickly and easily be deployed while enhancing compliance. Dynamic electronic delivery solutions can provide the flexibility and compliance that today’s lending environment demands.

3. A Solution that delivers document tracking and verification.

To meet regulatory requirements lenders must be able to track and verify delivery of critical lending documents at all stages of the lending process. Having on-screen delivery confirmation ensures that all of the lenders’ transactions are completely traceable for audit purposes. Automatic email notifications can be sent to anyone, indicating the lenders documents were successfully transmitted. Industry leading document delivery solutions provide lenders with online history available in real time.

4. A Solution with enhanced security and encryption.

Your solution provider must employ state-of-the-art encryption technologies to ensure your institution’s privacy and security. The provider should also undergo an annual SOC 2 audit that is completed by an independent accounting firm.

5. A Solution that provides security and ease of use for recipients.

The provider needs to have the experience of successfully registering tens of thousands of users worldwide. Your provider should deliver a single user name and password, so that your recipients can receive documents from all parties of the transaction without having to remember multiple passwords. In addition, the solution should be able to be used to transmit lock box reports, board meeting notes, payroll data and other confidential materials such as wills and trusts.

6. A Solution that provides increased loan profitability.

Your electronic delivery solution should eliminate the time and expense of traditional overnight delivery. Documents may be sent to multiple recipients simultaneously. Last minute changes to your documents should be able to be made within seconds, and your revised documents should be able to be re-submitted and made available to the recipients at no additional charge. Your solution should not charge for redraws.

7. A Solution that has a proven track record in mortgage industry

Your electronic delivery solution provider must have in-depth mortgage industry experience if you are going to fully leverage it in today’s lending environment. The provider must also provide world-class support, one that is proactive in deliver new solutions before the regulatory deadlines.

When you or your recipients have questions, your provider needs to have the answers. They should have industry established procedures in place, and be able to effectively respond to any potential issues you may have. They need to be able available when you have questions. This includes extensive Customer Support availability, seven days per week, every day of the year (major holidays excepted).

RemoteDocs from Data-Vision, Inc. enables you to deliver documents to anyone, anywhere, anytime using a secure, internet based document delivery system. RemoteDocs allows documents to be easily sent within seconds and protects sensitive information with leading-edge security and encryption technologies. Immediate document delivery means on time closings and real bottom line results for your business! RemoteDocs delivers critical lending information where and when you need it, through the power of the internet. Point, Click, Delivered. It’s just that simple.

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An E-Delivery Super Highway

PROGRESS in Lending has learned that Capsilon, a provider of document imaging for mortgage lenders and investors, has released a Network Delivery capability, which enables users to deliver secure and compliant loan packages to leading GSEs and financial institutions. Users of Capsilon’s DocVelocity product can now deliver a single or group of loan packages for batch delivery to seven flagship institutions.

Four supported major investor institutions include Chase, Citibank, Flagstar Bank and Wells Fargo Bank. Three supported government institutions include Fannie Mae, Freddie Mac and the Federal Housing Authority. With a single click, loans are sent directly to these institutions according to their prescribed formats and protocols.

DocVelocity’s quality control features provide more efficient selection, mapping, translation and tracking of mortgage documents to ensure accurate and on-time delivery of quality loan packages. Using DocVelocity delivery, the correct documents are selected, properly named and reflect the desired stacking order.

“Our Network Delivery capability improves the way loan documents are submitted to GSEs and prominent financial institutions,” said Sanjeev Malaney, chief execultive officer at Capsilon. “This capability empowers lenders of all sizes to seamlessly meet the complicated formatting and transmission requirements of these large institutions.”

Lender Automates Delivery

NewDay USA, a nationally recognized and approved VA loan provider has partnered with eLynx to facilitate its consumer loan deliveries. On average, NewDay USA sends thousands of loan applications a month. Now, those deliveries have almost doubled each month. It’s anticipated that using eLynx technology will improve NewDay USA’s electronic delivery of loan applications even further.

Since its founding in 1999, NewDay has taken on all costs and responsibilities to produce and distribute necessary documentation to customers. According to NewDay USA’s COO, Paul Alger, transitioning those fulfillment responsibilities to eLynx will allow NewDay USA to utilize staffing, equipment and space resources elsewhere — and it will increase efficiency.

NewDay USA selected eLynx’s consumer delivery solution, The Expedite® Inbox. It provides a central portal for all consumer documentation. Consumers establish a single account that can manage all document types across all loan products, providing a consistent and easily identifiable touch point. PROGRESS in Lending’s Executive Team awarded this service with its Top Innovations award for its industry significance and various efficiencies gained through its creation.

Built-in alerts and reminders ensure that both the financial institution and consumer always know what’s required and due. Integrated capabilities like eDelivery, eSignature, electronic upload, automated print and mail, and fax drastically reduce the time it takes to close a loan, while minimizing the resources and fees associated with executing the transaction.

The Inbox can integrate with an existing banking portal for a seamless consumer experience. To increase brand recognition and loyalty, the system can be configured to match the look-and-feel of the financial institution’s web presence.

“NewDay USA’s integrity and unwavering commitment to serving its customers is clearly reflected in its national ranking as a top VA and reverse mortgage lender, as well as it being selected by the Veterans Of Foreign Wars to be the exclusive mortgage provider for the organization’s 1.5 million members,” said eLynx president and CEO, Sharon Matthews. “We are extremely humbled by the ability to help NewDay USA continue to serve its thriving community of customers with an enhanced user experience.”

According to Alger, eLynx’s investment in creating an intuitive, easy-to-use interface for both NewDay USA’s consumer and its loan officers separated eLynx from its competitors. NewDay USA ultimately felt that eLynx’s technology could rapidly scale with growing volumes of documents to distribute and process. Furthermore, the eLynx team’s ability to help guide NewDay USA in establishing a consistent and repeatable process throughout locations in Maryland, Delaware and Chicago was critical.

Eric Armstrong, a senior applications analyst at NewDay USA, said the decision to go with eLynx was straightforward. “With eLynx we will be able to decrease our costs and increase our efficiency,” said Armstrong. “With the regulation and market changes there could be additional disclosure requirements that would add to current mailing requirements. We want to make sure we have a scalable process for addressing potential changes.”

Linking Up To Expand “E” Adoption

*Linking Up To Expand “E” Adoption*
**Increasing Reach**

***eLynx and Harland Financial Solutions will expand its longstanding alliance with eLynx to offer Harland Financial Solutions’ clients electronic delivery, signature, secure collaboration, and print-and-mail fulfillment services using eLynx Expedite. Harland Financial Solutions’ LaserPro and DepositPro clients may now benefit from eLynx’s expertise and track record in delivering eFulfillment solutions to the financial services industry.

****“eLynx has been serving our E3 mortgage origination clients for over 10 years. The expansion of our alliance will build on this strong track record and will leverage eLynx’s suite of services and solid reputation in the industry for quality products and excellent customer service,” said Scott Hansen, executive vice president, business development for Harland Financial Solutions. “Extending our alliance with eLynx enables us to expand our offerings to the financial institutions we serve and provide additional value to our clients.”

****“Through this alliance, Harland Financial Solutions makes it possible for its clients to access the eFulfillment capabilities they need to pursue paperless lending from within the applications they use every day without changing their workflow,” said Sharon Matthews, president and CEO of eLynx. “Their clients will experience increased automation, document tracking, and auditing capabilities for compliance. As a result, Harland Financial Solutions’ clients will see higher levels of customer satisfaction and retention and will enjoy reduced fulfillment costs, improved workflow efficiency, and greatly reduced compliance risk.”

****Harland Financial Solutions’ clients will have direct access to the eLynx services from within LaserPro and DepositPro lending and compliance solutions, as well as from within E3, a specialized mortgage lending solution. The extension of services allows Harland Financial Solutions’ clients to prepare documents as they do today and then deliver the document packages electronically to consumers, borrowers, and closing agents. The packages can include electronic consent and signatures without a disruption in their processing workflow. To ensure compliance, documents that cannot be delivered electronically are automatically sent to recipients using one of eLynx’s two secure Print-and-Mail centers.