eLynx IdeaWorks

Are we over the TRID hump yet?

Posted by Alec Cheung on Feb 10, 2016 9:12:44 PM



Now that we're a solid four+ months into TRID, the transition challenges faced by the industry of implementing the new mortgage disclosures are evident. While very early assessments suggested that the impact of TRID implementation was fairly minimal, even going so far as to compare it to ‘Y2K,' it's now clear how much of a challenge this has been for the industry. 

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Topics: CFPB Regulations, Integrated Disclosures, TRID

Early Clues on What TRID Enforcement Will Look Like

Posted by Alec Cheung on Dec 8, 2015 7:00:00 AM

The Consumer Financial Protection Bureau (CFPB) hasn't provided many details on its supervision and enforcement plans for TRID, or KBYO as they now prefer to call it.  The absence of information can likely be attributed to the unofficial “hold-harmless period” that we are still in at the moment. However, the Office of the Comptroller of the Currency (OCC) has released some insights into its planned supervisory program, providing an initial glimpse into much-anticipated TRID enforcement.  Both the CFPB and OCC have stated that they will pursue an approach similar to the implementation of the mortgage rules required by the Dodd-Frank Act in January 2014, during which regulators took a softer stance on supervision if lenders demonstrated a good faith effort on compliance. Here's what we know so far.

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Topics: CFPB Regulations, TRID

One Data Standard to Rule Them All

Posted by Sharon Matthews on Nov 30, 2015 5:42:56 PM



Read our blog post featured on National Mortgage News. Our President and CEO, Sharon Matthews, shares the importance of data standards and explains the connection between MISMO, the Uniform Closing Dataset (UCD) and the new forms brought about by Know Before You Owe. Lenders that work with Fannie or Freddie should st

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Topics: MISMO, Data Standards, TRID

Know Before They Enforce

Posted by Alec Cheung on Nov 4, 2015 3:51:34 PM

eLynx TRID Optimization Checklist


The deadline for implementing the Truth in Lending Act (TILA), Real Estate Settlement Procedures Act (RESPA) Integrated Disclosures (TRID) deadline has come and gone. And as one might expect, TRID was a hot topic at the recent MBA Annual conference in San Diego. In particular, there was much discussion about the impact that implementing TRID had on the industry. The Mortgage Bankers Association reported that for the week following the implementation of the (now called) Know Before You Owe (KBYO) disclosures, mortgage applications fell by 27.6 percent. The association directly attributed the decline to KBYO implementation, saying "Application volume plummeted last week in the wake of the implementation of the new TILA-RESPA integrated disclosures, which caused lenders to significantly revamp their business processes, and as a result dramatically slowed the pace of activity.” But after extensive discussions with customers and other lenders at the MBA conference, we're wondering if there isn't an alternate, more nuanced explanation. 

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Topics: CFPB Regulations, Integrated Disclosures, TRID

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

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