Conformance to MISMO standards claimed by many, but few are certified at this time
October 15, 2015 – Cincinnati, OH – eLynx, the pioneer and leader in on-demand web-based compliance services for secure, data-validated mortgages, has become one of the first companies to achieve MISMO Software Compliance Certification in the TRID (TILA-RESPA Integrated Disclosures) domain, while maintaining Premiere MISMO Compliance Certification in the Information Exchange domain. eLynx is the only company to have earned both of these MISMO certifications.
The Mortgage Industry Standards Maintenance Organization (MISMO) is a not-for-profit subsidiary of the Mortgage Bankers Association tasked with developing and maintaining data standards for the commercial and residential mortgage markets. The additional certification recognizes that eLynx has mastered the use of the MISMO 3.3 transaction dataset in its handling of the CFPB’s mandated “Know Before You Owe” loan disclosures, which went into effect on October 3, 2015.
eLynx facilitates automated preparation of the disclosures and enables the electronic delivery of both the new TRID Loan Estimate and the Closing Disclosures, in addition to entire closing document packages.
While a number of companies consider themselves MISMO-ready, it is important for industry professionals to know that only MISMO itself can verify this achievement. As stated in an open letter from MISMO, “Only products certified by MISMO are permitted to claim that they are ‘Certified MISMO Compliant’ or ‘MISMO Compliant’ – a symbol of industry excellence.”
“We were proud to be the first ever to achieve the more comprehensive Premiere Level certification from MISMO for our Expedite platform, which underlies eLynx’s core products, and are pleased to be among the first to receive the TRID domain certification,” said Sharon Matthews, eLynx president and CEO. “Very few companies have made the considerable effort to become MISMO certified for TRID, and we encourage them to do so,” she noted. “Standardized data formats are an extremely important component for the mortgage industry’s future, and eLynx is dedicated to staying at the forefront of the digital mortgage revolution.”
After getting past the TRID hurdle, the mortgage industry must now prepare to deliver all loans to Freddie Mac and Fannie Mae using the MISMO-based Uniform Closing Dataset (UCD) in just over a year’s time. “UCD adoption will be upon us much more quickly than most realize,” said Andy Crisenbery, senior vice president of business operations for eLynx and chair of the MISMO membership and revenue committee. “We expect it to happen in the first quarter of 2017, and if loans are to be delivered to the GSEs after the mandated adoption date, lenders and vendors will have to be ready,” he said. “Gaining certification with use of the standard supporting these efforts provides further confidence to our customers and partners that eLynx is well prepared.”
eLynx, a portfolio company of American Capital, Ltd. (NASDAQ: ACAS), helps customers in the financial services and real estate industries capture and manage documents and associated data electronically throughout the document life cycle, ensuring compliance with industry regulations, reducing costs, improving workflow efficiency, and automating paper-intensive processes. The company’s Expedite® cloud-based platform and network supports a comprehensive suite of on-demand document collaboration, distribution, and connectivity services that can be deployed independently or as a fully integrated end-to-end paperless lending solution. eLynx serves hundreds of financial institutions, including 25 of the top 50 U.S. banks and maintains the largest and most comprehensive database of validated real estate agents in the U.S. The company was founded in 1994 and is headquartered in Cincinnati, Ohio. It has offices and redundant data and print centers in Cincinnati and Beaverton, Oregon. For more information, visit www.elynx.com.