Come Aug. 1, manual data entry to collect property-related data could cause headaches for lenders when the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosures (TRID) regulation takes effect.

An automated data extraction service, eLynx, says its new service may prevent those lender headaches when collecting data from settlement service providers.

Part of the CFPB’s “Know Before You Owe” initiative, TRID consolidates four existing disclosures required under the Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA) into two forms: a Loan Estimate that must be delivered or placed in the mail no later than the third business day after receiving the consumer’s application, and a Closing Disclosure that must be provided to the consumer at least three business days prior to consummation of the mortgage transaction.

Technology provider eLynx said its service will enable settlement service providers (SSPs) to upload property and fee information in document form. From there, eLynx will extract the data to be used in TRID’s required Closing Disclosure form, eliminating the need for lenders to re-enter data from their settlement service providers’ documents.

“They can completely bypass the part of their workflow that presents the highest risk for error,” said eLynx President and CEO Sharon Matthews.

According to a recent eLynx survey, only 6 percent of its users currently have a fully automated process for collecting property data from settlement service providers. The rest will rely on manual data entry for at least some of their transactions.

Automating data entry typically requires a direct integration between the title production system and the system creating the Closing Disclosure. Several vendors, including eLynx and its partners, either currently have or are planning integrations with the major title production systems.

But most lenders work with many different settlement service providers and will not have an automated solution for every settlement services provider. These lenders must rely on manual data entry, a process prone to error and risk, says eLynx.

When settlement agents generate a Closing Disclosure form in PDF format, eLynx will generate the data and transfer it to the eLynx Electronic Closing Network, or eCN. Lenders can then combine the data with loan-specific information from their loan origination systems, compare it to previous disclosures and create the Closing Disclosure.

ELynx, a portfolio company of American Capital Ltd., headquartered in Cincinnati, Ohio, helps customers in the financial services and real estate industries capture and manage documents and associated data electronically throughout the loan document life cycle. ECN is used by more than 85,000 closing professionals.

Email Amy Swinderman.

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription