Westcor Integrates With eLynx Electronic Closing Network
|March 29, 2011|
Westcor Land Title Insurance Co. has integrated operations with eLynx’s electronic closing network (eCN), with the option of providing lender customers with electronic closing protection letters.
Westcor now joins four of the nation’s largest title underwriters in having a direct connection and seamless integration with eCN. This integration gives lenders instant verification of authorized settlement agents and earlier notification of pending insured transactions.
“We welcome Westcor into our network with the confidence that our common lender customers will benefit,” said Sharon Matthews, eLynx president and CEO. “eLynx provides significant workflow benefits to underwriters like Westcor, making it easier for them to serve their lender customers efficiently and with the assurance of a significantly lower risk of mortgage fraud.”
When settlement agent fraud occurs, lenders lose millions, eLynx said in a statement. Lenders are increasingly impacted by these crimes and are finding that these criminals have not been easily exposed in the past. eCN can identify the potential crime before the loan is closed thereby protecting both the lender and the underwriter.
“With eCN, eLynx has become the industry’s enabler of a compliance-based closing process that minimizes the risk of fraud,” said Mary O’Donnell, president and CEO of Westcor Land Title Insurance. “eCN provides our company with a neutral, streamlined connection to all of the other parties in the transaction. We believe our relationship with eLynx will enable us and our policy issuing agents to provide best-in-class service to our lender customers." eCN has rapidly gained industry acceptance, processing more than 1 million loans in its first year. There are approximately 100,000 settlement agents registered to use the system. Currently, more than 80 percent of all eCN loan traffic benefits from a direct integration with an insuring title underwriter, making it significantly easier for lenders to reconcile the data and documents used in an end-to-end electronic loan process.