eLynx, a provider of secure electronic document collaboration and distribution network for the financial services industry, has introduced a new watermarking capability for the paper delivery customers of its expedite platform. These new capabilities simplify and improve compliance with the Real Estate Settlement Procedures Act (RESPA) disclosure requirements for the mortgage industry, says eLynx.
The new watermarking capability was initially designed to aid the compliance department within one of eLynx's leading lender clients and is now widely available for use. Watermarking and automated image routing provides an enhanced audit trail for the paper delivery channel. Documents are watermarked at the time of processing by expedite, and an electronic copy is automatically routed to the lender's imaging system for record retention.
‘Paper-based processes are traditionally challenging from a compliance and audit perspective,’ notes Sharon Matthews, president and CEO of eLynx. ‘eLynx clients have overcome these challenges by implementing our electronic delivery, consent and signature services.
‘However, not all consumers are ready to embrace electronic communications, so we also offer an integrated paper delivery channel,’ she continues. ‘And with expedite's new watermarking capability, we've made paper-channel delivery significantly more auditable – nearly on par with wholly electronic processes.’