First American Title Insurance Company And eLynx Expand Electronic Closing Services
Data Integration Extends End-to-End Electronic Closing Solution
October 7, 2011, Santa Ana, Calif.,
First American Title Insurance Company, through its Mortgage Services division, and eLynx, a portfolio company of American Capital (NASDAQ: ACAS), announced the integration of the eLynx electronic closing network (eCN) with First American Title Insurance Company’s transaction system, known as FAST. The integration, which extends eLynx’s collaborative eCN services, validates the identity of settlement agents and their standing with title underwriters before closing documents or funds are released, which is a key component in streamlining the closing process. Lenders and settlement agents can now interact in a shared eCN workspace that includes loan data from the lender and HUD-1 estimated closing statement data from FAST.
This electronic integration helps to increase accuracy and reduce the cycle times and costs associated with loan settlement activities by eliminating the need for re-keying and the manual exchange of data. By using eCN as the communication backbone, lenders can now transmit loan data and documents directly to settlement partners using FAST and receive data and documents from First American’s FAST system. It also provides lenders with a complete view of the loan status during origination and closing.
“eLynx and First American are committed to administering and managing an integrated loan and HUD-1 data exchange environment that saves lenders time and money,” explains Sharon Matthews, president and chief executive officer of eLynx. “Both companies’ customers can now easily and seamlessly share their existing workflows to collaborate and deliver loan data for the lifecycle of a loan.”
Christos Bettios, chief information officer for First American Title Insurance Company’s Mortgage Services division, emphasized, “This data integration is based on MISMO/UMDP standards and supports the Fannie Mae and Freddie Mac Loan Quality Initiative, one of the mortgage industry’s most important efforts.”
“Lenders are looking to improve transparency and efficiency in their closing processes,” said Robert Camerota, chief operating officer for First American Title Insurance Company’s Mortgage Services division. “We are helping the lenders we serve to efficiently implement electronic HUD data processing that streamlines their closing workflow while meeting their unique needs.”
The loan and HUD-1 data integration is available to all users of eCN and the fully automated option is available for use by First American Title Insurance Company’s direct operations and its extensive network of agents nationwide.
eLynx and First American will be demonstrating the eCN automated data integration platform to existing customers at MBA’s 98th Annual Convention and Exposition in Chicago, Oct. 9-12, 2011.
About First American Title Insurance Company
First American Title Insurance Company, the largest subsidiary of First American Financial Corporation (NYSE: FAF), traces its history to 1889. One of the largest title insurers in the nation, the company offers title services through its direct operations and an extensive network of agents throughout the United States and abroad. The company has its headquarters in Santa Ana, Calif. Information about First American Financial Corporation’s subsidiaries and an archive of its press releases can be found at www.firstam.com.
eLynx, a portfolio company of American Capital (NASDAQ: ACAS), provides the most widely used network for data-centric document collaboration, distribution, and connectivity services for the financial services and real estate industries. Enterprises use eLynx to capture and maintain data electronically throughout the document life cycle, automating paper-intensive processes, improving workflow, reducing costs and ensuring compliance with industry regulations. The company has built the largest and most comprehensive U.S. real estate settlement agent database and is a recognized leader in electronic closing services. eLynx serves more than 4,000 clients of all sizes worldwide, including 25 of the top 50 U.S. banks and has processed over 50 million loans. More than 4 million users utilize eLynx's enterprise document output solutions. The company was founded in 1994 with headquarters in Cincinnati and offices in Portland, Oregon. It maintains redundant data centers in Beaverton, Oregon, and Cincinnati, Ohio. For more information, visit www.elynx.com.