Cincinnati-based eLynx [1] has entered into an agreement to acquire the assets of Pittsburgh-based mortgage services provider Medallion Analytics Company [2], the firms announced.
Through the deal, which is expected to close October 31, eLynx says it hopes to enhance its own document fulfillment and data solutions offerings by tapping into Medallion's expertise.
"The best way for lenders to cost-effectively produce high quality loans, keep up with increasing regulatory demands and meet investor requirements is to be able to track documents and the data in them throughout the loan life cycle," said Sharon Matthews, president and CEO of eLynx. "Our acquisition of Medallion provides a simple, elegant set of solutions to extract and analyze the data within documents so participants can collaborate better in the loan workflow."
The acquisition is a timely one, as lenders and settlement agents will soon have to coordinate more closely to meet the requirements of next year's integrated mortgage disclosures. With the addition of Medallion's assets, eLynx's portfolio now covers both lender and title needs.
"The addition of Medallion's capabilities further enhances eLynx's market leadership by adding to its services and expanding its customer base to include more of the title market," said Dustin Smith, managing director at American Capital and board chair at eLynx.