Cincinnati-based eLynx Ltd., a company that provides electronic delivery solutions for the financial industry, has signed on a new client. Paul Financial is a wholesale lending startup based in San Rafael, Calif. Well, it still calls itself a startup. The company has in the business a couple of years now.
Phil Huff, president and CEO for eLynx, said his firm's eLynxPRO solution would enable the lender to operate in a paperless environment. The term he actually uses is "soft paper solutions."
What's not in the release: We've seen a number of companies in this space tone down their language when it comes to paperless transactions. All-electronic and paperless processing, at least in some parts of the industry, seem to be giving way to terms that are a bit gentler, from a change management perspective.
I know Huff and I've seen his technology. It works. So it's not that vendors can't take lenders into a paperless environment. The question is do they want to be rescued? Expect to see vendors using language carefully in an effort to ease the transition for companies that know they need to move into the future, but that haven't quite been able to get their hands around it yet.
And another thing: One of the benefits (threats) of new SOA-based architectures, Web services and software as a service is the opportunity for someone who knows the busines to step in and assemble a best-of-breed collection of tools that will enable them to get into business very rapidly.
Paul Financial is a good case in point. Peter T. Paul is the former owner of Headlands Mortgage Co., a wholesale lending operation that eventually merged with GreenPoint Mortgage back in 1998. His new firm is currently using Gallagher Financial Systems' NetOxygen on the origination side and Fidelity's MSP servicing software on the back end. Now, he's enabling both systems with electronic docs through eLynx.