eLynx IdeaWorks

Integrated Disclosures: It's Not Just About the Consumer, It's About Data

Posted by Alec Cheung on Jan 30, 2015 11:00:56 AM


By all measures, 2015 is going to be a year shaped heavily by compliance, mainly because of the CFPB-driven TILA-RESPA Integrated Disclosures and the game-changing nature of these new rules. While designed to help consumers better understand mortgages, these compliance changes will also have, or arguably are already HAVING, a ripple effect – accelerating the mortgage industry’s adoption of data standards. Mark Mackey, CEO of IDS, described it rather well when he noted that investors and regulators are shifting their emphasis from away from documents and to data as the better determinant of loan quality. According to Mark:

“Once upon a time, documents themselves were considered the most critical element of the loan package… Now, the script has flipped, so to speak, so that data trumps docs in the eyes of investors and regulators alike.”

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Topics: Data Standards

Mastering the CFPB's Three-Day Rule for Integrated Disclosures

Posted by Dewey Kelly on Jan 22, 2015 6:04:04 PM

customer engagement

One of the least intuitive aspects of the new TILA-RESPA Integrated Disclosures (TFID) rule is how to get the Closing Disclosure to the consumer for the mandated three-day review period prior to closing a loan. Most lenders will calculate the consummation date to be six days after the Closing Disclosure is sent. However, there is a way to cut that time by as much as 50% using electronic deliveries and by proactively engaging the borrower in the process.

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Topics: CFPB Regulations, Integrated Disclosures, TRID

How Settlement Agents Can Influence Closing Process Changes Under Integrated Disclosures

Posted by Alec Cheung on Jan 15, 2015 2:00:10 PM


Just about every lender we know of is taking over the creation of the new Closing Disclosure come August 2015. Even a lender who opts to delegate the creation of the CD to settlement service providers realizes that a level of collaboration above and beyond what exists today is needed. We have discussed one of the ways in which that collaboration can be accomplished in this second piece of a two-part HousingWire article. eLynx has data extraction and fee collaboration capabilities that will help settlement service providers support lenders in the creation of the Closing Disclosure. However, to maximize efficiency, accuracy and completeness, the ideal solution would be to fully integrate the generation and delivery of Closing Disclosures into the very title production systems that settlement services providers use in their daily business.

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Topics: CFPB Regulations, Integrated Disclosures

Why eDelivery is the Best Way to Capture Intent to Proceed

Posted by Alec Cheung on Jan 8, 2015 10:26:00 AM


New CFPB regulations include several requirements for how creditors interact with consumers and collect fees during the loan origination process. Their intent is to allow consumers to shop for a mortgage loan without paying upfront fees. The requirements specify that creditors are not permitted to collect a fee from a consumer as part of a mortgage application process, outside of the fees for a credit report, before the consumer has received the Loan Estimate. Fees can only be collected AFTER the consumer indicates an intent to proceed with the terms documented in the Loan Estimate.

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Topics: CFPB Regulations

6 Features to Look for in a Consumer eDelivery Portal

Posted by Alec Cheung on Dec 17, 2014 2:26:00 PM


While many questions remain unanswered about how lenders and settlement service providers will adjust to the August 2015 TILA-RESPA Integrated Disclosures, one thing is for certain: consumer experience will only become an even more important measure of lender success. As processes are being re-designed in light of these new disclosure forms, existing best practices are still relevant even as new standards are being formulated. Below are six characteristics to look for in a consumer eDelivery portal that can support electronic delivery and signature of loan documents both now and post-August 2015.

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eLynx Implemented Patches Against Shellshock Bug

Posted by Rick Wagner on Sep 29, 2014 4:52:00 PM

As you may know, a significant Internet security bug has been identified, verified and communicated via many news and industry sites last week. This bug, named "Shellshock" by security researchers, affects the Unix command shell "Bash," which happens to be one of the most common applications in those systems. That includes any machine running Mac OS X or Linux. The "shell" or "command prompt" is a piece of software that allows a computer to interact with the user by interpreting text. This vulnerability affects the shell known as Bash (Bourne Again SHell), which is installed not only on computers, but also on many devices (smart locks, cameras, storage and multimedia appliances, etc.) that use a subset of Linux.

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Topics: Information Security

2 Words to Explain the Importance of Data Standards

Posted by Andy Crisenbery on Sep 25, 2014 5:06:00 PM



Those two words will do more for common data standards in mortgage than all efforts to date.  At least, they should.

Why you ask? Because the new Loan Estimate and Closing Disclosure that are set to go into effect in August of 2015 are significantly more than just new forms. In fact, if you’re thinking of them that way, or thinking that your existing LOS or doc prep provider will simply handle the new forms, then you are likely in for a big surprise.

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Topics: MISMO, Data Standards, Integrated Disclosures

July loan closings most active in West

Posted by Tess Penaloza on Sep 2, 2014 6:17:35 PM


eLynx is pleased to present “Loan Closing Trends,” a new monthly blog that will feature a month-to-month snapshot of loan closings by percentage nationwide broken down by geographic region. The aggregate data are compiled from eLynx’s comprehensive and nationwide settlement agent database and reports gathered from transaction activities by nearly 100,000 settlement professionals registered on the eLynx network. To view a month-to-month percent change of closed loan volume for specific states within a region, go to  http://www.elynx.com/detail_page/percentage_of_loan_closings_by_region.


The nationwide loan closing snapshot for July showed the West and the Southwest fared well, whereas the rest of the nation experienced slight downturns.

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Topics: Loan closings

New, tougher CFPB Regulations are coming August 2015; Lenders should start planning now

Posted by Laura Venerable on Jun 19, 2014 5:19:53 PM

canstockphoto11304942When the  Consumer Financial Protection Board (CFPB) was formed, it embarked on a project, known as “Know Before You Owe”, to improve mortgage customer experience by standardizing the information borrowers receive about a mortgage and empowering them to make better decisions.  The project resulted in a significant revamping of the documents and new requirements to get them to consumers in advance of key milestones.The most recent initiative in this ongoing project is the eClosing Pilot announced by the CFPB on April 23, 2014. While paper copies are still an option, clearly the quickest, most convenient, and cost effective solution is to deliver documents to consumers electronically.  But because of the personal information contained in the documents, normal methods, like email, are not an option. So how does a mortgage lender who wants to integrate electronic delivery and eSignatures into their lending workflow comply with “Know Before You Owe” requirements? Very carefully. There are a lot of moving parts and it helps to know what to look for.

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Topics: CFPB Regulations, Mortgage Customer Experience

eLynx Not Vulnerable to Heart Bleed Bug

Posted by Rick Wagner on Apr 10, 2014 7:29:00 PM

As you may know, a significant Internet security bug has been identified, verified and communicated via many news and industry sites this week.  This bug has been given the name “Heart Bleed” because it resides within the OpenSSL's implementation of the TLS/DTLS (transport layer security protocols) heartbeat extension (RFC6520). OpenSSL is widely used across the Internet to encrypt and secure user information during transport. When it is exploited it leads to the leak of memory contents from the server to the client and from the client to the server.  From initial reports, this is a serious and wide spread problem.

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Topics: Information Security

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