eLynx, a portfolio company of American Capital, has integrated its electronic closing network (eCN) with FAST, First American Title Insurance Co.'s transaction system.
The integration validates the identity of settlement agents and their standing with title underwriters before closing documents or funds are released, the companies say. Lenders and settlement agents can now interact in a shared eCN workspace that includes loan data from the lender and HUD-1 estimated closing statement data from FAST.Â
The data integration is based on MISMO/Uniform Mortgage Data Program standards and supports the government-sponsored enterprises' Loan Quality Initiative, the companies add.
The loan and HUD-1 data integration is available to all eCN users, and the fully automated option is available for use by First American Title Insurance's direct operations and its national network of agents.