The Electronic Closing Network loan closing software processed its one millionth loan in September, developer eLynx said, just one year after its launch.
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The loan quality and compliance software integrates into a lenders loan origination system and provides checks for regulatory compliance and error and fraud detection.
Developer eLynx is a portfolio company of American Capital and built eCN based on a platform called expedite, which provides secure document collaboration and distribution for the financial services industry.
To get to one million loans so quickly, the system has approximately 100,000 settlement agents who use the software.
