ELS provides the technology for a Computerized Loan Origination System (“CLO”). A CLO is a computer system used by or on behalf of a consumer to facilitate a consumer’s choice among alternative products or settlement service providers in connection with a particular RESPA covered real estate transaction.

The ELS CLO System provides the disclosures necessary to conduct business electronically using a consumer’s Smart ™ phone. It provides general information on the types of loans and services available. It connects the consumer to a source that can evaluate the consumer’s credit and assets to determine a sales price for the acquisition of a particular property. It provides the consumer with the opportunity to select ancillary settlement services to conduct business electronically. It requires any lender designated on the ‘drop down’ list to provide prospective borrowers with information regarding the rates and terms of loan products once a particular property has been identified. It facilitates the execution and delivery of documents, including prequalification letters, loan documents and title documents, as well as obtaining verifications, documenting any seller concessions and appraisals while facilitating communication between the borrower and the lender. The ELS system transfers funds using ACH technology according to industry standards and facilitates the lender’s funding decision by providing signed documents immediately after execution, including delivery of an electronically executed note into an eVault.

ELS Inc. is not a settlement service and does not originate federally related mortgage loans, take loan applications, process, underwrite or fund loans. It does not provide title or settlement services for the closing of the loan. It does deliver funds to closing, provide identity proofing, credential analysis, remote online, in-person and wet-ink notarization technologies, and delivers signed documents for recordation.

ELS charges a settlement service for goods and services actually provided after the closing of the transaction. There may be a separate charge for the delivery of funds, not related to the closing of the loan. ELS Inc. does not charge the consumer for the use of its technologies and administrative services.

System Administration is provided through E-ffective Technologies, Inc. which may be contacted as follows:

E-ffective Technologies, Inc.
support@e-ffectivetechnologies.com