Loan data security

Congress Holds Hearing on Mortgage Data Security

Last November, the Financial Services Committee in the U.S. House of Representatives held a hearing on the security of sensitive information held by lenders and other financial institutions. The hearing, titled “Data Security: Vulnerabilities and Opportunities for Improvement,” featured testimony from several industry experts, including representatives from the American Land Title Association and National Association of Federally-Insured Credit Unions. Topics of discussion included concerns about data breach notification laws and who should bear the responsibility of breaches.

The major Equifax data breach that occurred in 2017 drove much of the discussion during November’s hearing. The breach eroded the trust Americans have not only with Equifax but with financial institutions across the country. In the wake of this and other major data breaches, congress recognized that it must thoroughly examine the shortcomings and vulnerabilities of data security regulations. Failure to improve security could affect the willingness of Americans to do business with lenders and other financial organizations.

Witnesses asked to testify at the Financial Services Committee hearing were asked many questions about what congress and the financial industry itself could do to improve security. They discussed using secure platforms for data exchange, encrypted email, reconciling accounts, strict security protocols, audits, and collaboration between financial institutions and law enforcement. They also discussed the difference between small and large lenders when it comes to cost of implementation.

If action is taken by congress as a result of this hearing and other events, the lending industry is likely to see some major changes. Fortunately for many lenders, there are already lending data security tools available to help secure borrowers’ sensitive information. MERS contains information related to countless loans that could be very valuable to thieves, and making sure that information is submitted and accessed securely is crucial.

Cyberlink Software Hires New Executive Vice President of Consulting Services

Cyberlink Software Solution Inc. is proud to announce that Jackie Benoun will be serving as the new Executive Vice President of Consulting Services. She will be responsible for overseeing the delivery of all consulting services and forming new relationships with clients looking to get the most out of Cyberlink Software.

“Jackie’s passion for helping others, commitment to excellence and hands on industry knowledge are just a few of the reasons why I’m so excited that Jackie has joined Cyberlink,” stated Greg Uttal, President of Cyberlink Software Solution. “With over a dozen core conversions, servicing conversions, loan origination system conversion and GSE seller/servicer approvals, Jackie is exactly the right person to head up our consulting department..”

Jackie Benoun brings more than 30 years of progressive and innovative leadership experience to Cyberlink Software. Jackie has held executive positions with Ventura County Credit Union, where she served as Chief Credit Officer, and Los Angeles Fireman’s Credit Union as Vice President of Real Estate. She has also held important leadership roles in several other organizations throughout California.

During her decades of experience in lending and real estate. Jackie has earned an impressive list of accomplishments that have strengthened the organizations she’s been leading. Some of the highlights of her career in the industry include:

– Managed portfolio to provide stability of income through interest and non-interest revenue sources

– Authored strategic plans to mitigate interest rate risk and address liquidity through balanced loan retention and loan sales

– Creating efficiencies through integrated solutions between lending and credit union’s core system to improve ROA

– Developing effective processes and strategies to consistently meet and exceed NCUA and State regulatory requirements

Cyberlink Software Hires New Director of National Sales

Cyberlink Software Solution Inc. is proud to announce that Jeff Benoun has been hired as the new Director of National Sales. Benoun will be responsible for crafting and re-organizing national sales campaigns and overseeing general sales operations throughout the country.

“We needed someone who was forward thinking and results oriented with a sharp eye towards workflow optimization, and that is why Jeff Benoun has joined Cyberlink as our National Sales Director. Re-organizing software and consulting sales with Jeff’s work smarter, not harder attitude fits right in with our organization,” states Greg Uttal, President of Cyberlink Software Solution.

Jeff Benoun brings more than 20 years of decisive and highly analytical leadership experience to Cyberlink Software. Jeff has held executive positions with many innovative financial organizations, most recently with California Credit Union where he was Senior Vice President of Consumer Lending and Residential Mortgages. He also has prior tenure at Hope Financial and Peak Finance.

Benoun’s extensive experience and accomplishments in the lending industry will bring a wide range of benefits to Cyberlink Software and its clients. Some of the highlights of his career in the industry include:

  • Increasing loan funding from an average of 900% with annual net income over $21M
  • Founded California Members Title Insurance Company
  • Overseeing mortgage operations at a $1.5 billion credit union

 

Small Mortgage Lenders Seek Relief from Regulations

Small mortgage lenders petitioned the Consumer Financial Protection Bureau on Tuesday to weaken excessive regulations in their industry. Represented by two leading industry groups, the Community Home Lenders Association and the Community Mortgage Lenders of America, the lenders collectively expressed their desire to see more tiered regulations that strengthened or weakened regulatory enforcement depending on the size of the lending organization.

The joint letter, which was delivered to CFPB director Mulvaney, called for the agency to “carry out streamlined supervision of smaller independent
mortgage bankers (IMBs), through risk-based supervision, as is required by statute under Dodd-Frank.” The reasoning behind this request, according to the groups, is that small lenders may be forced to shut down due to the excessive costs of compliance. Larger institutions, however, would be able to amortize and absolve these high regulatory costs, leading to a concentration of lending services in big institutions.

While small community lenders realize that the CFPB doesn’t have the power to change regulations themselves, shifting their risk-based supervision practices to balance the playing field can have a large impact. To promote further change, the lenders are also putting their support behind the provisions laid out in a bill going through congress known as the “Community Mortgage Lender Regulatory Act
of 2017.” The bill would establish regulatory exemptions for IMBs that are similar to the ones granted currently for smaller banks and depository institutions.

Cyberlink supports the effort of small lenders to reduce their regulatory burden so that they can serve the needs of their borrowers while still being successful in the industry. Small lenders serve a vital need throughout the country by providing loans for individuals and families under-served by big banks and lending institutions.

We love it when a plan comes together

Here at Cyberlink we love it when a plan comes together. Especially a plan to improve lending operations and efficiencies. We like it so much that it’s pretty much all we talk about, even during our off time. Since the majority of our family and friends are also in the lending business, conversations all come back to lending.

Knowing that we love to talk about everything lending we had a great idea; let’s talk about lending even more! Let’s start a blog where we can share our ideas, hear from our lending friends and help improve systems utilization and operational efficiencies. And to make it even more interesting let’s call our new blog, Blog!

So, here’s the deal; let’s have some fun and bring our ideas and questions together and learn from each other. Since we work to improve lending efficiency, optimize lending systems and help lenders improve productivity for MERS, LendingQB LOS and LoansPQ let’s focus our discussions around these three areas. From our blog we will send out ideas, questions and comments and would like all our lending friends and partners to join us contributing their own ideas, questions and comments. Like a round table discussion minus the table, being in the same room or being together at the same time. Sound interesting? We hope so for everyone who joins us.

 If you came to our Blog looking for customer support for eRAMP for MERS, MINGenerator for MERS, LendingQB or LoansPQ optimization please visit our Client Resource Center at www.oncyberlink.com/client-resource. This blog is not the correct place to look for answers to customer support questions.

Thank you for stopping by our blog or picking up this blog post from one of our internet partners. Please come back and joins us for the next round of discussions.

Best Regards,

Ernie B
Cyber Support Specialist @
Cyberlink Software Solutions, Inc.