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Technology Spotlight: A New Take On Reverse Lending

*A New Take On Reverse Lending*
**Plaza Home Mortgage Profiled**

***Reverse mortgage lenders have traditionally relied on automated valuation models (AVMs) and desk appraisal reviews in order to obtain a value on the property securing the transaction. Today that is changing. San Diego-based Plaza Home Mortgage Inc., a full-service wholesale mortgage lender, has implemented Platinum Data Solutions’ RealView appraisal review technology in its Reverse Mortgage Division, which transacts reverse mortgages nationwide. Here’s why:

****Reverse mortgages, which are available to individuals aged 62 or older, allow homeowners to draw against a portion of their home equity. Repayment of the loan is deferred until the owner dies, sells the home, ceases to live in the property, or breaches the mortgage provisions. Because of the way reverse mortgages are structured, they differ from traditional mortgage loans in that property value, not the borrower’s credit or income, is the single most important factor in determining loan worthiness.

****“Adding desk reviews or AVMs to substantiate an appraisal, although helpful, doesn’t always yield consistent information,” said Mark Reeve, Reverse Mortgage Division Manager for Plaza Home Mortgage, Inc. “More often than not, they create more ambiguity.” That ambiguity is generally centered around whether the most appropriate comparables were used to determine the property’s value. Reeve added, “This can lead to difficulties between our underwriting staff and the appraisers we use. Without substantiated proof, questions about the validity of comparables tend to result in extended, strained communications between underwriters and appraisers.”

****In January 2012, Plaza Home Mortgage, Inc. implemented Platinum Data Solutions’ RealView automated appraisal review technology in its Reverse Mortgage Division to ensure consistent quality among the appraisals used to underwrite its reverse mortgages. The company now uses RealView as part of its underwriting process on all of its transactions.

****“RealView’s consistent, objective evaluation allows our underwriters to make accurate decisions, knowing that the appraiser used the best comps available – and if not, they now have data to rebut appraisers directly, in a methodical, scientific manner,” said Reeve. “RealView helps us make our underwriting decisions with confidence. That’s the bottom line.”

****In just a few minutes, RealView conducts an evaluation that covers over 2,000 best practices rules and appraisal review guidelines, which include appraisal data points, as well as customized user-defined rules throughout all sections of the appraisal report. An internal manual appraisal review that covers the number of points covered by RealView could consume 30 minutes or longer.

****“An accurate appraisal should be the number one component of any collateralized loan because it’s sufficient value that positions you at square one to make a decision,” said Phil Huff, CEO of Platinum Data Solutions. “Platinum Data Solutions’ mission is to provide companies with a rock-solid foundation of valuation-based information. From there they can proceed with confidence, to make the decisions that best suit their goals.”

Market Analysis: How Can The Cloud Help You?

*How Can The Cloud Help You?*
**By Tony Garritano**

***My kids are getting to the point where they’re using slang words that I don’t understand. I try to understand what they mean, but I realize that next week they’ll say something else that I don’t grasp. I’m sure lenders feel the same way when technology vendors throw out buzzwords and acronyms. The latest buzz is all about cloud computing. But how can cloud computing help lenders? Actually in a variety of ways. For example, Coester Appraisal Group, a nationwide provider of appraisal management technology and services, has launched the Cloud Control Compliance Center, a new tool that lenders can use to ensure compliance with all major industry regulations, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, Truth in Lending Act, and more. Here’s how it works:

****Cloud Control’s Compliance Center, which can be customized based on the specific information a lender needs, enables lenders to verify appraisal compliance and print out a compliance report with just a click or two. The Compliance Center’s findings provide all the documentation lenders need in the case of an audit. Lenders can see exactly how each appraisal report measures up to new and existing industry requirements, such as customary and reasonable appraiser fees, technology issues like SAS Type II 70 control standards, and appraisal independence requirements. Lenders can also use the Compliance Center to view appraisal contracts; to audit and remove appraisers; check the license status or possible disciplinary actions of individual appraisers; ensure their specific policies and procedures like TILA triggers and value reconsiderations are being followed; and much more. Compliance Center’s findings also include recent value reconsiderations as well as access very detailed information about every appraisal order, down to the comments, order date, the payment amount and when it was processed for TILA purposes

****Despite their complexity, Compliance Center’s reports are easy to access and easy to understand. They’re accessible via an on-screen view that can be easily downloaded in PDF format and in printed form within Cloud Control’s cData report.

****“With all the different regulations lenders are facing, proving appraisal compliance has been extraordinarily difficult, but we’ve managed to make it easy,” said Brian Coester, CEO of Coester Appraisal Group. “Our Compliance Center provides everything lenders need to stay compliant in their appraisal relationships and their orders – nothing is left to guesswork. Lenders simply select what they want to know about an appraisal, click the print command, and they’re done.”

****The Compliance Center is accessible through Cloud Control, Coester Appraisal Group’s new appraisal management technology built on the award-wining platform of Salesforce.com. Launched in March of this year, Cloud Control offers lenders unlimited customization in managing appraisal orders and services while creating sales and marketing rules that can help them become more efficient, stay compliant and generate new business.

Tony Garritano

Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

Innovation Simplified: The Truth About Return On Investment

*The Truth About Return On Investment*
**By Kelly Purcell**

***Lenders too often associate return on investment with hard numbers. ROI is about both hard numbers and intangibles. It’s important to also note that lenders don’t always know how much a given process costs. There’s just not good data. And if you don’t know how much something costs how can you measure how much you’d save by automating?

****Lenders would be well served to take a closer look at their own operation first. Why? There are so many pieces to the mortgage process and they’re all so disjointed it’s hard to put a cost on any one process. That all changes in an automated world. It’s easier to associate a cost with an electronic process because you can more easily track an electronic process from start to finish. How so? I’ll tell you.

****For example, disclosures in the paper world have been mailed via regular mail, priority mail, courier, fax, etc., which gives you four different points of origin for that transaction. You also don’t have a way to track when the document was created before it was sent to one of these four different outputs in a paper world. How do you quantify cost there? In an electronic process you know down to the second about when the disclosure package was sent, received and signed. That is impossible to track in a paper world.

****Not to mention, there are also compliance implications. How do you factor in potential regulation violations in a paper world? That’s an unknown cost. In an automated process there is less risk of having financial fallout. How do you factor that into your ROI? That’s priceless. Intangibles associated with ROI are equally as important as the hard cost savings analysis that most lenders do.

****Another example of an intangible ROI that lenders may not think of is the competitive gain achieved by automating. You can capture more business and reinforce the strength of your brand with automation. You become a trusted source for the borrower. All it takes is one class action lawsuit to ruin your brand. Everyone’s fear is to be on the front page of the Wall Street Journal being called predatory. That’s what CEOs lose sleep over night after night.

****So, where are lenders in understanding the value of both tangible and intangible ROI? There is certainly more awareness. However, it is harder to articulate the intangible ROI to a board or to investors when trying to justify the technology buy. It’s harder to convince a board that they should buy something based on potential fallout.

****But think about it, there is a lot of cost associated with a loan that is un-saleable.  The future cost of noncompliance has to be a part of the technology buying process, it just does. We’re seeing more interest in this area but the need to document intangible ROI is still not something seen in many technology proposals. Too often it’s not in the final analysis in front of the deciding committee. People are talking about it but we’re not seeing it in many RFPs or RFIs.

****Lenders may ask: What future risk is offset by this technology? Those facts are out there and they are real but they are not being used to make technology buying decisions. What the mortgage industry needs is to understand the value of technology to drive measurable change. I joined PROGRESS in Lending Association to promote this type of thinking and analysis around the purchase of technology.  Stay tuned next week for an in-depth case study around ROI.

Kelly Purcell is Executive Vice President, Global Sales and Marketing for eSignSystems, a division of Wave Systems Corp. eSignSystems is a provider of e-signature and e-vaulting solutions. She was co-founder of eSignSystems and has over 25 years of mortgage and technology experience. Kelly is recognized as an evangelist and advocate of e-signature and e-vaulting technology driving e-mortgage adoption. She held prior positions at GE Capital and Transamerica Financial Services. In 2009, eSignSystems was the recipient of Mortgage Technology Magazine’s Lasting Impact Award. She can be reached via e-mail at kpurcell@esignsystems.com

Understanding The News: Research Points To Some Growth

*New Research Points To Some Growth*
**Equifax Report Seems Positive**

***Non-home finance write-off dollars year-to-date through April have decreased 52% according to Equifax’s April National Consumer Credit Trends Report. The write-offs have decreased to $26.2 billion as of April 2012 from $54.1 billion in April 2009. Today’s write-offs approach 2006 pre-recession levels of $24.0 billion and continue an improving trend.

****Non-home finance write-off dollars have declined due to both improvements in general repayment patterns and lower numbers of bankruptcies. Bankruptcy dollars have declined at a slower rate, comprising 15.7% of write-off dollars in 2009 but 18.5% of write-off dollars today.  This is due to faster declines in the average dollar size of general delinquencies, relative to the peak of the recession.

****Non-Home Finance balances declined by 7% or $193 billion since October 2008, but the deleveraging trend ended about a year ago, with balances now 1.5% higher than in May 2011.  Auto balances are increasing following the trend in rising auto sales, while card balances are declining at a slower rate due to sustained origination increases and payment improvements that mirror pre-recession levels.  Based on current trends, card balances will stop declining and begin increasing during 2012.   With the continued weakness in labor markets, demand for additional education is very strong.  As a result, student lending balances rose 66% to $766 billion in November 2011 (from the pre-recession average of $460 billion) before falling back to $753 billion as of April 2012.

****“Consumers are now starting to see greater accessibility to credit opportunities and they are taking advantage of those opportunities, though in moderation,” said Equifax Chief Economist Amy Crews Cutts. “The American household’s balance sheet is looking much better now, with debt burdens down significantly due to both write-offs and consumer-led deleveraging, and slow but significant improvements in the economy.”

****Other highlights from the data include:

****>> Home Finance balances have decreased $1.2 trillion since October 2008, posting a fourth consecutive year of decline.

****>> Home Finance real estate owned dollars (write-offs) for April 2012 have dropped 29% from April 2010 to $71.5 billion and is at the lowest level since 2008 ($74.7 billion).

****>> In April 2012, Home Equity revolving balances were near $560 billion, down $115 billion from April 2009, and down $43.8 billion from April 2011.

****>> Foreclosures In-Process for Home Equity Revolving credit dropped 37% from same time a year ago. At just under $1.25 billion, it is the lowest in two years.

Market Analysis: LOS Gets Security Patent

*LOS Gets Security Patent*
**By Tony Garritano**

***With all these new rules is your workflow becoming more and more confusing? It’s enough to drive anyone a bit crazy. But, you guessed it, technology can help. To this end, origination vendor Ellie Mae has announced that the United States Patent and Trademark Office has issued the company a patent for an advanced security model that enables managers, loan officers and processors to securely access critical loan files and documents online. The company now holds six patents.

****The invention––U.S. Patent number 8,126,920 entitled, “Enterprise Security Management System Using Hierarchical Organization and Multiple Ownership Structure”––is a hierarchical organization and security model for networked computing. It allows multiple ownership of system files and resources while maintaining flexibility of organizational control and strict security rules over the users. In other words, Ellie Mae’s technology allows loan origination system and other networked computer users to access, work and collaborate securely on files and documents.

****In addition, a user’s access and/or ability to make changes may be limited or controlled by members higher up in the organization or network. For example, a lender can restrict what actions a mortgage manager can perform on loan files and documents or limit what a loan officer or processor can approve and what data and files they can access.

****“As our industry migrates to cloud computing and Software as a Service (SaaS), new opportunities and challenges for clients are being created,” said Limin Hu, Ellie Mae’s co-founder and chief technology officer. “On one hand, this new paradigm enables greater access and efficiency within organizations and supply chains; on the other hand, it also increases the possibility of security lapses. Our new, patented technology addresses both the productivity and security concerns of our clients, and we believe may have applications beyond the mortgage industry.”

Tony Garritano

Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

New Media Strategies: A Simple Blog Post Formula

*A Simple Blog Post Formula*
**By Rick Grant**

***So now that you’ve got your blog set up, you’re probably wondering what to say. You may be having trouble saying exactly what you want to say and you might be standing face-to-face with the fear that you don’t really have the time to be writing regular blog posts.

****The good news is that blog posts don’t need to be long (think 250-500 words), so it won’t take up a considerable chunk of your time to write them. And despite the fact that there are probably a million ways to write a blog post, I’ve found that a simple can make your blog not only easy to update but also interesting and interactive for your readers.

****It’s a four step process. I’ll walk you through it.

****You’ll want to start off your post with a link to something newsy that will be valuable and interesting to your readers. It should be directly or indirectly related to what you want to talk about; you’ll be the one to point out the relevance. This is a good way to hook people into reading—instead of forcing them to jump in with both feet, you’re preparing them for what you’re about to say by first pointing to the environment: something that’s happened in the industry, somebody’s opinion, or even something in a completely unrelated field that’s similar to what you’ll be talking about.

****The second step is to write a paragraph about why this news item is important now. Give a little background and make it relevant to the topic at hand. There must be some good reason this snippet of Web info caught your eye. Share it.

****Next you’ll provide your take on the news item. You can do this in one sentence or you can go crazy on it, but remember that people would rather read blog posts that are short. Still, this is the part of your post to show off your thought leadership: What does this bit of news mean for your industry? What should people be doing about it? How do we move forward from here? Share your valuable insight and you’ll become an important resource to your readers.

****Always end with a call to action, that’s the fourth step. Now that you’ve provided some news and your thoughts on it, what should everyone do with it? Ask your readers to provide their opinions in the comments section. You want your blog to be a two-way conversation between yourself and your readers; value your readers, and they will value you.

****This is also a good time to point them to further information or something you or your company has done—a white paper or a case study, for example. Your blog should be more than just commentary, it should encourage your readers to become active participants in the conversation and in your industry.

****Don’t forget a headline to your post. I find it easiest to come up with a headline after writing the post, and you’ll want to include keywords that will pull in your readers. That’s just a few words so we don’t refer to this as a full step, for those of you who think I can’t count.

****This formula is the easiest way I’ve found for writing concise, informative, and consistent blog posts. If you’re one of those people who has trouble starting when it comes to writing, taking these steps should make blogging a whole lot easier for you. So get out there and share your thoughts.

Rick Grant has been an editor, writer and new media advocate for nearly 20 years and has focused on various facets of the mortgage industry for the last decade. Prior to starting his own company, Rick Grant & Associates, he served as the special reports editor for National Mortgage News and was the launch editor for Origination News Magazine, Broker magazine and Home Equity Wire, as well as managing editor of Mortgage Technology magazine while employed with SourceMedia, formerly Thomson Media. Rick then served as editor of Real Estate Technology Insight, an October Research Corp. publication. A successful freelance writer, Rick continues to write for the industry in addition to running his own consulting company. He is a proponent of new media communication tools, such as blogs, podcasts, video blogs and online presentations. He can be reached via e-mail at rick@rga-pr.com.

Market Analysis: What’s Next For Mortgagebot?

*What’s Next For Mortgagebot?*
**By Tony Garritano**

***Last year we reported that Mortgagebot was acquired by Canadian company D+H. Just a few weeks ago we broke the news that D+H has now also acquired LOS Avista Solutions. So, what happens now? Mortgagebot continues to enhance its offering, that’s what. How does this point-of-sale mainstay go even further? Here’s what they’re up to now:

****Mortgagebot has introduced a new consumer lending module to PowerSite, its integrated point-of-sale solution (IPOS). The company, which already manages mortgage lending websites for more than 1,100 banks and credit unions through PowerSite, takes the IPOS’ capability one step further by adding consumer loan origination in a frictionless, easy-to-use platform for end users. Lenders who have deployed the product are already reaping benefits—operational efficiency, automated compliance, and affordable scalability—in their consumer lending operations.

****Matt Cotter, senior vice president of sales and marketing, says the new module is a natural extension of the company’s long-standing focus on facilitating lending efficiency. “All the experiences and best practices that Mortgagebot amassed in the last twelve years are now available to lenders in their consumer lending space,” he says. “Now, another superior advantage of PowerSite is its seamless integration and comprehensive management of mortgage and consumer loans, one that maximizes efficiency and ease-of-use for end users across the board. Our parent company, D+H, also furthers its mission as the leading provider of technology and managed services to the North American financial services industry—including lending institutions of all asset sizes.”

****Christopher Ercole, senior vice president and chief lending officer at National Institutes of Health Federal Credit Union, says PowerSite’s new module is a natural fit to its business operations. The $500 million-asset credit union, which has been using PowerSite for the past eight years to manage its mortgage loan operations, looks forward to improving its consumer lending online applications.

****“Our credit union has already had great success with Mortgagebot’s online application system [for mortgages],” says Ercole. “We view consumer lending as an integral part of our business model and are looking to the new module to grow our consumer lending business.”

****In fact, Mortgagebot designed the new module in response to market demand and feedback from clients who were already using PowerSite to optimize and support their mortgage operations. These clients desired an innovative, convenient solution to handle the consumer lending side of their businesses. Since the launch, five clients from a focused group have integrated the new functionality and boosted the quality of their lending operations.

****Liberty Bank, a $3.4 billion-asset institution based in Middletown, Conn., which has been using PowerSite for its mortgage lending since 2004, immediately experienced improvements—including hassle-free, automated compliance—bringing its consumer lending up to par with its mortgage lending operations. The bank had previously eliminated paper applications from its mortgage and home equity loans through the deployment of PowerSite; removing paper applications from its consumer lending operations was the next logical step in the effort to streamline processes.

****Brian Hedge, assistant vice president and consumer loan operations manager says the biggest advantage emerging from the new module includes data entry at the point-of-sale and immediate processing of loans. “With an automated application process, we eliminate paper applications and the associated issues, which include missing information, illegible writing, and lost paperwork.”

Tony Garritano

Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

Technology Spotlight: Calming The Chaos With End-To-End Automation

*Calming The Chaos With End-To-End Automation*
**Omega Financial Services, Inc. Profiled**

***PROGRESS reported on the launch of a new LOS a while back in the form of LendingQB. We said that we would keep you updated on its progress and we don’t break our promises. As more lenders look to migrate toward a more end-to-end solution, systems like LendingQB are gaining traction. For example, Omega Financial Services, Inc., a retail and wholesale mortgage banker, has implemented LendingQB’s Web-based loan origination system to automate each of its business channels. LendingQB’s platform will reduce Omega’s cost per loan, maximize productivity across operations and decrease its existing technology costs. Here’s how:

****Acting as an advisor to Omega, Joe Cilento, a mortgage industry veteran and consultant, guided the selection and implementation of Lending QB’s LOS platform after performing a company-wide review of operations.

****“I have conducted numerous mortgage technology evaluations and implementations; the rollout of LendingQB’s Web-based platform was one of the smoothest I’ve been involved with,” said Cilento. “The extensive level of support that LendingQB provided and their ability to easily configure tailored workflows are the main reasons Omega’s implementation was so successful.”

****LendingQB’s LOS integrates Omega’s entire workflow and lending functions to enable the straight through processing (STP) of loans. From the point-of-sale (POS) through closing and funding, LendingQB consolidates all of Omega’s lending activities onto a single platform. Regardless of employees’ roles, LendingQB contains Omega’s users to a single database and software environment to ensure the same data is being used in different departments. The result is fewer manual touch points, which turns Omega’s lending practices into a profit optimization workflow.

****“We were previously using a well-known LOS that has been trying to assemble an end-to-end solution, but we found the system inadequate to handle our needs from soup-to-nuts so we began looking for a solution that could,” said Armando Morell, information systems director at Omega Financial Services, Inc. “We retained mortgage consultant Joe Cilento to help us perform the evaluation process and concluded that most LOSs try to achieve an end-to-end solution by way of integrating with multiple best-of-breed vendors because they are lacking key functionality in a number of different areas. Of all the solutions we looked at, there wasn’t an all-in-one Web-based LOS on the market that could seamlessly automate every single area of the lending process like LendingQB is able to.”

****Once Omega’s LOs and brokers run product and pricing scenarios in LendingQB’s retail or broker portal, they can pull credit and the automated underwriting system (AUS) returns an instant, accurate decision that analyzes investors’ entire underwriting manuals, which carries the same weight as a human underwriter’s decision. The loan then seamlessly moves through Omega’s workflow with minimal human intervention. Omega says the efficiencies gained using LendingQB’s end-to-end LOS will optimize employee performance, reduce their cost per loan and also attract top tier sales talent. In addition, Omega’s LOs, brokers and AEs can use LendingQB’s mobile application for smart phones, which allows them to check rates, return product eligibility and pricing, and manage their pipeline from the field.

****LendingQB’s platform is comprised of LO, broker, and consumer direct point-of-sale Web portals for all lending channels; product and pricing engine; proprietary AUS; loan processing; electronic documents, closing; secondary marketing; and interim servicing. LendingQB also accompanies business intelligence (BI) and data analytics functionality along with detailed reporting that helps lenders locate and translate their data into actionable information, enabling them to make informed business decisions that establishes a competitive advantage and leads to greater profitability.

****“Paramount to running an efficient lending operation is the seamless connection of every workflow the lender uses to eliminate unnecessary human interaction and thus improve productivity,” said Binh Dang, president of LendingQB. “The only way to achieve this is to implement an all-in-one platform that uses a single database and is discriminating with outside integrations, as too many interfaces and separate databases creates data integrity issues and hampers efficiency and accuracy.”

Video Insights: Loan Quality Vs. Loan Quantity

*Loan Quality Vs. Loan Quantity*
**Industry Insiders Speak Out**

***What’s the difference between loan quality and loan quantity? Find out here. Our Straight Talkers Roger Gudobba and Kelly Purcell discuss the new subprime. Also, MortgageFlex details how integrations can enforce loan quality. Further, Michael Hammond schools you on how to craft a better presentation. Lastly, Tony Garritano breaks down the latest trends.
httpv://www.youtube.com/watch?v=mVA553YwgQw

On The Move: Leaders Can Stop The Downward Spiral

*Leaders Can Stop The Downward Spiral*
**Some Are Stepping Up**

***What will it take to get our industry back? Surely the answer is not more regulation or government intervention. I think we can all agree on that. The answer is people. But not just any people, we need true leaders. These leaders will step up and step out to make the process better. Here are two examples of people making a difference:

****First, Elizabeth Green, an industry expert in valuation technology and data has accepted a post as Industry Liaison for the Appraisers Guild of America (AGA). Green is a strategist, solutions architect, speaker and valuation advocate. A recognized mortgage technology veteran in software product leadership for solutions in residential property valuation, loan origination, mortgage servicing and secondary marketing, Green is helping to foster a new level of understanding in property valuation and collateral risk assessment between consumers, lenders, investors and appraisers.

****“The industry is struggling to adapt to an increasingly complex regulatory environment and the impartial role that a real estate appraiser plays in the housing sector has never been more vital,” said Peter Vidi, president of the AGA. “The regulatory changes as implemented are leaving unintended consequences in their wake, however, and the most distressing of which is the continued decline of the residential real estate appraisal profession in the form of low fees and low quality. The profession is struggling to attract and maintain a vibrant base of qualified individuals because the fees are too low to support even a modest income.”

****“Not just as an industry but as a society, we face unprecedented challenges in residential real estate,” said Green. “I believe that the industry must find common ground on the important issues facing residential real estate valuation and collateral assessment today. The AGA has an opportunity to create a platform that fosters a positive dialog to address the concerns of consumers, lenders, management companies and appraisers. From common ground, real and positive solutions can be formed.”

****Second, good companies that are making a difference need to get the word out better about the things that they’re doing to improve the mortgage space. As a result, eLynx has hired Alec Cheung to serve as vice president of marketing. Cheung will oversee product planning and management, internal and external marketing communications, brand management, and public relations.

****“Alec is an excellent addition to our team,” said Sharon Matthews, president of eLynx. “His extensive experience in strategic planning and business-to-business marketing has created a proven track record of driving awareness, pipeline, and revenue growth. He will add important capabilities to our executive team as we continue to grow eLynx in the fast-changing and demanding business environment we live in.”

****Cheung will be based in the company’s Cincinnati headquarters. In addition to his duties related to the strategic marketing of products and solutions, he will be responsible for positioning eLynx’s growth strategy, including developing opportunities in new and existing markets.

****“This is an exciting opportunity to join a company with such experienced leadership and marketing teams,” said Cheung. “eLynx is extremely well positioned to expand its market position and I’m looking forward to the challenge of contributing to that growth.”

****Prior to joining eLynx, Cheung held a variety of high-level marketing and communications roles with Convergys over 11 years. Most recently, he was senior director of marketing responsible for assessing existing and potential markets, building relationships with key market influencers, and tracking market intelligence and customer sentiment.