Magazine article Mortgage Banking

eLynx Delivers Loan-Modification Service for Lenders

Magazine article Mortgage Banking

eLynx Delivers Loan-Modification Service for Lenders

Article excerpt

Cincinnati-based eLynx Ltd. announced the availability of a new on-demand loan-modification service that can be completed securely over the Internet in minutes without relying on expensive and error-prone paper processing.

The complete loan-modification solution combines electronic distribution and signatures with an on-demand archiving option. A fully integrated paper fulfillment option is available for borrowers who prefer paper at any time in the process.

As a result, borrowers will be able to modify the terms of their loan from any location with an Internet connection, and borrowers without Internet access can request a paper copy be mailed to them, explained Sharon Matthews, eLynx president and chief executive officer.

"These are challenging times. Many lenders are reaching out to borrowers who might have struggled with changes in their adjustable-rate mortgages [ARMs], said Matthews. "We believe we can help both the lenders and the borrowers to make an adjustment in loan terms quickly, securely, conveniently, without errors and at a low cost by moving the entire process online. …

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