eLynx IdeaWorks

Millennials in the Mortgage Market

Posted by Alec Cheung on Sep 22, 2015 9:45:00 AM


The youngest of homebuyers are overtaking the housing market and bringing with them an entirely new set of expectations for the mortgage industry.  Millennials, those homebuyers under the age of 34, are the future of the housing market, and they have already arrived. According to the National Association of Realtors’ Home Buyer and Seller Generational Trends Study, millennials now surpass all other generations, representing 32 percent of all homebuyers. Recognizing that this generation brings its own unique financial profile, life experiences, buying preferences and communication resources, the mortgage industry must rethink the old way of doing business.

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Topics: Mortgage Customer Experience, Improve Mortgage Customer Experience

eLynx Takes Steps to Mitigate Risks Caused by Adobe Flash Player – July 2015

Posted by Steve Bales on Jul 16, 2015 2:00:00 PM

canstockphoto1806067During June and July of 2015, there has been an increase in the critical vulnerabilities found with Adobe “Shockwave” Flash Player. Adobe Flash Player is used to stream and view video, audio and multimedia including Rich Internet Applications (RIA) on a computer. These vulnerabilities have caused a movement in the industry to stop using Adobe Flash Player because of ongoing security concerns with any website, and subsequently, supporting web browsers. Due to the steps taken by the industry on the use of Flash with several browser companies and the steps that eLynx has taken to address it within the organization, we believe our exposure to the vulnerabilities is extremely LOW.

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Topics: Information Security

To the CFPB: Why Not Allow a TILA-RESPA Phase-In Period?

Posted by Alec Cheung on Jun 25, 2015 4:51:06 PM

trid_delayAs we noted last month, the mortgage industry has been lobbying hard for a formal grace period so that lenders can work on getting all the TILA-RESPA Integrated Disclosures (TRID) transition bumps worked out without the pressure of fines and penalties. Yesterday, when the CFPB opted to delay the effective date for TILA-RESPA implementation to October 3, they created for themselves an opening to provide a mini grace period of sorts. Here's how.

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CFPB (Sort Of) Offers TRID Grace Period

Posted by Alec Cheung on Jun 12, 2015 9:43:00 AM




On June 3, 2015, the Consumer Financial Protection Bureau (CFPB) finally acted in response to a month of heavy lobbying from the housing industry. Countless letters from members of Congress and two proposed bills later, the CFPB offered an informal grace period of sorts on TRID enforcement. Following a meeting with the Mortgage Bankers Association, the CFPB sent a letter to nearly every member of Congress and published a factsheet on resetting three-day closing review periods to explain the agency’s decision and approach.   

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Topics: TRID

TRID Tactics: 60 Days to Go and Mortgage Industry Lobbies for Reprieve

Posted by Alec Cheung on May 28, 2015 9:36:42 PM



After more than three years of model disclosures, consumer testing, Small Business Regulatory Enforcement Fairness Act (SBREFA) panels, comment periods and stakeholder meetings, the deadline for the Truth in Lending Act (TILA), Real Estate Settlement Procedures Act (RESPA) Integrated Disclosures (TRID) is nearly upon us. All of this anticipation has brought the mortgage industry to a fever pitch with calls for delays, regulatory grace periods, and even technical corrections. Banks, mortgage lenders and service providers are pulling out all the stops to prolong the path to implementation. It is not clear, however, that any of these efforts will yield meaningful results.

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Topics: TRID

TRID Sets New Standards For What Can Change and What Can't

Posted by Dewey Kelly on Mar 16, 2015 11:06:49 AM


Starting August 1st, lenders will have to abide by new restrictions on how much variation is allowed between the Loan Estimate and the Closing Disclosure. Knowing what can change and by how much is one of the challenges facing lenders and settlement service providers (SSP) as they gear up for the new Integrated Disclosures. We’ve all probably read through or heard about the new tolerances but for many in the industry, unless they are engaged in ramping up for TRID, the details aren’t always crystal clear.

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Topics: Integrated Disclosures, TRID

5 Takeaways from the MBA-ALTA TILA-RESPA Integrated Disclosures Forum

Posted by Alec Cheung on Feb 25, 2015 4:00:27 PM


Last week, I attended the Miami session of the MBA-ALTA sponsored TILA-RESPA Integrated Disclosures (TRID) forum. Being the second of five such forums, there are still three remaining to attend if you want to catch one of these full-day sessions. I highly recommend these for anyone wanting to understand the detailed issues currently being addressed as the mortgage industry prepares for August 1. As Brian Webster of the CFPB noted in his forum remarks, the challenge with TRID now is all operational — how to handle the numerous implementation questions that arise when trying to put new TRID-based process into place. And there certainly are a lot of issues. The session was jam packed with little time to rest in between each topic. Here are five key points I took away from Miami.

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Topics: Integrated Disclosures, TRID

Why Lenders Need To Communicate Approach to Closing Disclosure Now

Posted by Alec Cheung on Feb 13, 2015 5:22:57 PM


One of the areas most affected by TILA-RESPA Integrated Disclosures (TRID) is the coordination of workflow between lender (creditor) and settlement service provider (agent) in the production of the Closing Disclosure (CD), the new form that replaces the HUD1 for loans initiated as of August 1 of this year. While both parties have always interacted to create today’s HUD1, the dynamic of that interaction is going to shift with lenders taking over ultimate responsibility for the generation and sending of the CD three days in advance (in most cases, and everyone that we have seen so far). Settlement service providers will not be producing the CD and instead will be asked to by lenders to provide critical information that only they have. Therefore, lenders should communicate as soon as possible with their settlement service provider community on how they plan to produce the CD, what information they will require, and how they expect this interaction to function in the new TRID world.

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Topics: Integrated Disclosures, TRID

eLynx Does Not Fear the “GHOST” Linux Bug

Posted by Rick Wagner on Feb 5, 2015 12:11:55 PM

canstockphoto2558890A vulnerability disclosed on January 27 in the GNU C Library (“glibc”) CVE-2015-0235, known as “GHOST” in the media, affects Linux systems that use versions of the library glibc 2.2 through 2.17. The GNU C Library is commonly used for standard system calls by programs written in C and C++. The vulnerability is a heap-based buffer overflow which affects the gethostbyname() and gethostbyname2() glibc function calls. A remote attacker who is able to make an application call with either of these functions could use this flaw to execute arbitrary code with the permissions of the user running the application.

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Topics: Information Security

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

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