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Ernst Publishing Company, a provider of technology and closing cost data information for the real estate and home finance mortgage industries for 26 years, and eLynx, a provider of on-demand compliance services for Data-Validated MortgagesSM, have linked their software systems.
The new integration is designed to enable lenders and settlement agents close mortgage loans more accurately, quickly, and compliantly, to the ultimate benefit of consumers, according to Ernst and eLynx.
“This is a perfect fit for both companies and delivers a huge benefit to both eLynx customers and our own,” said Gregory E. Teal, President and CEO of Ernst Publishing. “We’ve spent the last 26 years creating software and systems that provide guaranteed accurate mortgage closing cost fees to lenders. And eLynx’s eCN platform is one of the best vendor management systems for closing agents. Together, we now offer a complete solution that removes the compliance pain from the closing process at the same time it guards against fraud and improves the borrower’s overall experience.”
The alliance creates a tighter integration between Ernst’s Settlement Agent Gateway, a collaborative fee management system that guarantees TRID compliant fees for both lenders and settlement agents, and eLynx’s Electronic Closing Network (eCN). eCN gives lenders transparency and control of the closing process while significantly reducing the risk of loss due to fraud and non-compliance. Both platforms were built according to Mortgage Industry Standards Maintenance Organization (MISMO) data standards.
“Today, eCN gives lenders the confidence to work with over 100,000 registered closing professionals, the largest verified network of closing attorneys, partners and agents,” said Andy Crisenbery, SVP of Business Operations for eLynx. “By incorporating Ernst’s closing cost data to eCN, lenders now have easy access to guaranteed accurate fees long before the deal approaches the closing table. This is a very strong alliance that offers significant benefits to loan originators and their partners.”
According to the two companies, they now provide the following benefits by linking their platforms,:
To Lenders:
● Third-party vendor management is vastly simplified with eCN
● Guaranteed accurate fees are available from the first disclosure through closing
● Local business referral networks are protected from compliance concerns
● Lenders can work effortlessly with tens of thousands of settlement agents across the country
● Ability to negotiate with agents and approve fees ahead of the loan estimate
To Settlement Agents:
● Protects their businesses by allowing them to deliver certified accurate fees to lenders
● Manage fees anytime with granular geographic and loan level controls
● Know which lenders are considering your company when they pull your fee data
● Gain access to a huge network of originators, including the nation’s largest
