eLynx Releases eHUD Component to eCN

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 agents registered to use it. eCN has made it significantly easier to reconcile the data and documents used in the loan closing process by providing direct, secure connections between mortgage professionals and systems.

About eLynx

eLynx, a portfolio company of American Capital (NASDAQ: ACAS), provides the most widely used network for electronic document collaboration and distribution services for the financial services industry. 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. eLynx serves more than 500 financial institutions, including 7 of the top 10 banks and has processed over 45 million loans. Over 4,000 enterprises worldwide, comprising more than 4 million users in a broad spectrum of industries, use eLynx's enterprise document output solutions daily. The company was founded in 1994 with headquarters in Cincinnati and offices in Portland, Oregon. It maintains redundant data centers in Beaverton, Oregon and Chicago. For more information, visit www.elynx.com.

American Capital Strategies (NASDAQ:ACAS)
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