eLynx Launches TRID Compliance Solution

April 30, 2015

eLynx has announced Expedite ID (Integrated Disclosures), a compliance solution that fulfills lenders’ requirements for complying with the CFPB's TILA-RESPA Integrated Disclosures (TRID) rule that goes into effect Aug. 1.

Expedite ID unites TRID-specific functionality with eLynx’s collaboration services thatare already in production, including the Expedite suite of integrated on-demand services; eCN, the electronic closing network used by over 85,000 registered closing professionals; and Expedite Inbox, a lender-branded consumer portal that streamlines interactions with consumers.  TRID compliance capabilities added to eLynx production services include:

  • The ability to obtain fees from multiple sources, including third-party providers, and present them to lenders for final determination and document generation
  • TRID-specific electronic collaboration capabilities to assist the exchange of fee data between lenders and settlement agents
  • Full support for capturing consumer consent and complying with new waiting periods and variance limits
  • Pre-funding and post-close audit functions to reconcile the final loan package with the lender-approved loan and ensure post-close compliance and quality

To help customers prepare for the transition, eLynx said it will provide hands-on experience with Expedite ID via a secure test environment soon. Additional TRID-related enhancements are in development and will be announced over the next several months.

“Having a long-established consumer portal with the Expedite Inbox and a huge, existing database of registered closing professionals gives us a definite advantage in helping our customers prepare for TRID,” said Sharon Matthews, eLynx president and CEO. “There's less worry about getting agents registered and more emphasis on the collaboration process itself.”

Matthews noted that Expedite ID can be deployed as a complete end-to-end solution or components can be deployed individually to meet specific lender requirements. 

“With the Expedite platform, customers get a full compliance solution that supports the entire loan cycle through post-close, and provides integrated, end-to-end documents and data,” Matthews said.

Contact ALTA at 202-296-3671 or communications@alta.org.