Pentagon Federal Credit Union selects eLynx Web Posting Service-WPS-as new document delivery solution

EDP Weekly's IT Monitor, June 9, 2003

eLynx Ltd., a provider of electronic document delivery solutions for mortgage lenders, has announced that Pentagon Federal Credit Union (Alexandria, Va.) has selected eLynx Web Posting Service (WPS) to enhance the credit union's ability to electronically deliver and track residential mortgage closing documents.

Pentagon Federal Credit Union, the third largest credit union in the United States with $5.8 billion in assets, selected eLynx WPS in May 2003 and plans to have the system fully implemented by the end of the month. The credit union currently processes more than 16,000 mortgage and home equity loans per year.

"We were drawn to eLynx WPS because it is a cost-effective document delivery solution that eliminates most printing, packaging and delivery costs and transmits information in seconds," said Michael J. Kelly, Pentagon Federal Credit Union's manager of Mortgage Services Quality Control. "The quick delivery capabilities of the technology allow our staff to focus more on closing loans and further improve our ability to more promptly react to last minute change requests from our members."

eLynx WPS is universally compatible with any document origination application, operating on any platform, from character-based legacy systems to Windows-based desktops. The Enterprise Connect WPS solution chosen by Pentagon Federal Credit Union is powered by eLynx NS software, to provide fully-automated electronic delivery for their high-volume workflow environment.

"eLynx WPS offers Pentagon Federal a tool for boosting efficiency and delivering documents quickly and securely," said Phil Huff, president of eLynx. "The ease-of-use features and time saved during the delivery and tracking of documents provides an effective way for credit unions to become more competitive by enabling it to better serve its members. This value in member service is underscored by the affordability of the eLynx solution. With minimal startup costs and immediate cost savings, Pentagon Federal will see fast, powerful results, proving the applicability of the eLynx service in the credit union arena."

Pentagon Federal Credit Union, headquartered in Alexandria, Va., has grown to a $5.8 billion credit union with more than 518,000 members worldwide. Founded in 1935, it is the third largest credit union in the United States and one of the strongest and safest credit unions providing financial services to the Army, Air Force, Coast Guard and Department of Defense communities.

Cincinnati-based eLynx Ltd. provides the mortgage industry with all the tools needed for electronic delivery of documents. eLynx launched its secure electronic document delivery (EDD) service in June 1999. The company's WPS (Web Posting Service) interfaces with any existing system to deliver and track data and documents securely on the Web in a fraction of the time and cost of conventional overnight and mail services. The company's newest service, uSign, is the industry's first real-world electronic document delivery and electronic signature service, allowing lenders to interface directly with the homebuyer for immediate approval of loan application and disclosure documents. Today, eLynx customers account for more than 30 percent of all mortgage originations.