eLynx Releases eHUD Component to eCN
Now eCN is making it easy to reconcile the HUD-1 in a fully compliant fashion
August 31, 2010 11:48 AM Eastern Daylight Time
CINCINNATI--(EON: Enhanced Online News)--eLynx, a portfolio company of American Capital (NASDAQ:
ACAS), today announced that it has released its new eHUD service, a component of the Electronic Closing
Network (eCN), that makes it easy for lenders and closing agents to comply with RESPA regulations governing
good faith estimates (GFE) and the HUD-1.
Recent changes to RESPA regulations limit the differences allowed between the fees disclosed on the GFE and the
amounts collected from the borrower at the closing table. These controls require that lenders and settlement agents
work closely to negotiate fees and limit differences on the HUD-1 while preparing mortgage documents.
In the past, preparing the HUD-1 was a manual process that required numerous phone calls and faxes. eLynx’s new
eHUD service provides a mechanism for lenders and settlement agents to collaborate electronically and in real-time.
All parties can quickly and transparently negotiate the fees on a HUD-1 before reaching the closing table. The
eHUD service also automatically compares the fees to the original GFE, identifying differences that exceed the
allowable amount. This allows lenders and settlement agents to improve their RESPA compliance.
”Because we are already a trusted partner tasked with transferring information between lenders and settlement
agents, we are in a unique position to offer a solution to this problem,” said Sharon Matthews, eLynx president and
CEO. “Now lenders can avoid costly surprises and remain compliant easily, while at the same time settlement agents
will have the information they need to present a professional image at the closing, earning them more business.”
eCN has rapidly gained industry acceptance since it was released last year, with more than 1 million loans processed
through the system and more than 100,000 settlement agen