Partnership with financial institutions uses technology to get borrowers the documents and loan data they need to better understand mortgages.
August 22, 2014
CINCINNATI – August 22, 2014. eLynx has been selected by the Consumer Financial Protection Bureau (CFPB) to participate in a pilot program to study how technology solutions such as electronic delivery and electronic signatures can improve the mortgage closing experience for consumers. In particular, the CFPB wants to evaluate how technology solutions can improve the consumer’s understanding of mortgage documents, make them feel more empowered throughout the closing process, and enhance overall mortgage closing efficiency. As part of the pilot, eLynx will monitor actual mortgage closings and provide the collected data for the CFPB’s analysis.
eLynx will be working closely with two national lenders in this pilot: Universal American Mortgage Company (UAMC), a financial services subsidiary of Lennar Homes, one of the nation’s largest homebuilders; and Flagstar Bank, a top-tier mortgage originator and one of the nation’s top ten largest savings banks. The loan types to be included in this pilot will cover a broad range of mortgage scenarios, including conventional, FHA and VA residential mortgages, new home purchases and refinances.
“Our culture is built around innovation and using technology to make the home financing process easier for our customers and business partners,” Tom Moreno, Vice President and Chief Information Officer of UAMC/Eagle Home Mortgage, said. “We look forward to working with other industry leaders and the CFPB to realize the vision of a smooth, paperless closing for the consumer."
The vision of a paperless mortgage workflow, or an eMortgage, has been around for more than a decade. The technology to support an eMortgage has been available for years, but with so many diverse participants and long-established processes in mortgage transactions, progress has been difficult. The pilot will evaluate how existing solutions and newer advanced capabilities can drive the evolution towards the vision of a paperless workflow.
Says Sharon Matthews, eLynx President and CEO, “The CFPB’s focus on closings will accelerate the industry’s progress towards eMortgage. By objectively evaluating different solutions and collecting performance metrics, the pilot will help identify technologies that improve the customer experience. Not only are we delighted to be part of this effort, but we are pleased with the confidence our lender customers have shown in our Expedite platform.”
“As a leading mortgage originator, we’re always looking for ways to improve our customers’ experience,” says Donna Krall, Executive Vice President and Director of Mortgage Fulfillment, Flagstar Bank. “We’re pleased to be part of this pilot to align the mortgage closing process to meet the needs of today’s tech-savvy customer. In today’s fast-paced virtual environment, we recognize the importance of an online tool that offers convenience, execution and provides the customer with a positive experience.”
eLynx, a portfolio company of American Capital (NASDAQ: ACAS), helps customers in the financial services and real estate industries capture and manage documents and associated data electronically throughout the document life cycle, ensuring compliance with industry regulations, reducing costs, improving workflow efficiency, and automating paper-intensive processes. The company’s Expedite® cloud-based platform and network supports a comprehensive suite of on-demand document collaboration, distribution, and connectivity services that can be deployed independently or as a fully integrated end-to-end paperless lending solution. eLynx serves more than 4,000 clients of all sizes worldwide, including 25 of the top 50 U.S. banks and maintains the largest and most comprehensive database of validated real estate agents in the U.S. More than 4 million users have adopted eLynx's enterprise document output solutions. The company was founded in 1994 and is headquartered in Cincinnati, Ohio. It has offices and redundant data and print centers in Cincinnati and Beaverton, Oregon. For more information, visit www.elynx.com.
Flagstar Bancorp, Inc. (NYSE:FBC) is the holding company for Flagstar Bank, FSB, a full-service financial institution offering a range of products and services to consumers, businesses, and homeowners. With $9.9 billion in total assets at June 30, 2014, Flagstar is the largest bank headquartered in Michigan. Flagstar operates 106 banking centers, all of which are located in Michigan and 32 home lending centers in 18 states, which primarily originate one-to-four family residential first mortgage loans. Originating loans nationwide, Flagstar is one of the leading originators of residential first mortgage loans. For more information, please visit flagstar.com.
About Universal American Mortgage Company
Universal American Mortgage Company (UAMC) is the financial services subsidiary of Lennar Corporation, an S&P 500 real estate and financial services leader. UAMC also operates as Universal American Mortgage Company of California. Whether you are buying your first home or your fifth, our focus is to provide you with the most appropriate financing option to suit your needs – for today and years to come.
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Alec Cheung, Vice President of Marketing
Susan Bergesen, Manager, Media Relations
VP, Marketing Director
Eagle Home Mortgage/Universal American Mortgage Company