ELECTRONIC DISCLOSURE GUIDE (eLynx)

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ELECTRONIC DISCLOSURE GUIDE
(eLynx)
For modifications, please contact Wholesale Change Management
[email protected]
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Contents
Creating LE .............................................................................................................................................................................. 3
Disclosure Delivery Method ................................................................................................................................................ 3
Elynx ........................................................................................................................................................................................ 4
Initial LE Disclosure ............................................................................................................................................................. 4
E-Consent ............................................................................................................................................................................ 5
eLynx Dashboard ................................................................................................................................................................. 6
E-Sign................................................................................................................................................................................... 8
Intent to Proceed ................................................................................................................................................................ 9
Closing Disclosure ................................................................................................................................................................. 10
Freedom Disclosure History .................................................................................................................................................. 13
Disclosure History Definitions ........................................................................................................................................... 14
FAQ’s ..................................................................................................................................................................................... 15
Best Practices ........................................................................................................................................................................ 15
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Creating LE
Disclosure Delivery Method
After creating the LE, broker is prompted to select Method of Delivery, and provide delivery information.
If e-Sign is selected as method of delivery, an email address must be provided. Please review email address for
accuracy before clicking “Submit and Send Disclosure”
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Elynx
Initial LE Disclosure
After successful submission from the web, the borrower and the broker receive email notification that the
disclosure package has been delivered from eLynx.
Sample of email to the borrower:
Sample of email to broker:
The borrower should click the link in the email to be navigated to eLynx
a. The disclosure package will expire in 24 hours. Reminder notifications are sent at 12 and 18 hours
to borrower and broker.
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E-Consent
After first time logging in, borrower is prompted to provide e-consent to receive electronic documents. The
borrower must agree in order to view the documents.
a. If borrower agrees, an email notification is sent to broker and borrower stating e-consent has been
provided.
b. If borrower declines e-consent, the package is sent to USPS to be delivered via standard mail.
Notification is sent to the broker stating that customer declined to provide e-consent.
Borrower actions required on e-Consent form:
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eLynx Dashboard
If e-consent is given, borrower will be navigated to the dashboard, where they can view and sign the disclosure
package
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Borrower will be brought to contents of package. A toolbar on the left side of the page lists each document, and
a PENCIL icon is displayed with each document that requires a signature. As borrower clicks the red outlined
signature box on page, eLynx automatically adds a signature.
Borrower should continue to click through each document in the toolbar, navigating through each document &
clicking on each signature box. As the borrower completes signatures on the required pages, the Pencil icon will
turn into a checkmark, indicating that the document is completed.
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E-Sign
After the borrower signs the final document, they are prompted with option to continue viewing documents, or
submit package. It is important to note that the LE is the last document in the package. Borrower would need to
click “Continue Reviewing” in order to see LE.
a. Email notification is sent to broker when borrower signs package.
b. Disclosure history is updated on freedomwholesale.com
If borrower chooses to “Continue Reviewing” they need to click “Accept Terms” button in bottom left corner of
page in order to submit the documents and provide Intent to Proceed.
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Intent to Proceed
After clicking ‘Accept Terms’ and/or ‘Submit Documents,’ the borrower is brought to the Intent to Proceed page.
Borrower can click “Agree” to provide Intent to Proceed at that time, or select “Later” if they wish to give Intent
directly to broker. When borrower completes this page, email notification is sent to broker advising whether
Intent was provided or declined.
If borrower clicks “Agree,” Intent to Proceed Date is sent to Freedom and populated in Disclosure History
screen.
If borrower clicks “Later,” Intent to Proceed date will not be sent to Freedom. Broker will then be responsible for
providing to Freedom via “Intent to Proceed” action item on freedomwholesale.com.
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Closing Disclosure
After the CD has been disclosed out of Lakewood, the borrower and the broker receive email notification that
the disclosure package has been delivered from eLynx.
Sample of email to the borrower:
Sample of email to broker:
The borrower should click the link in the email to be navigated to eLynx
a. The disclosure package will expire in 24 hours. Reminder notifications are sent at 12 and 18 hours
to borrower and broker.
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Borrower will login using same credentials they created when completing their LE package. Upon logging in, they
will be navigated to their dashboard.
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Upon clicking the Documents button, the borrower will be brought to a page listing all of their documents. Here,
they will see their complete document history, including all LE’s, as well as the new outstanding CD Package.
Closing Disclosure will open. This is the only document in the package, and does not need to be signed. After
opening CD, borrower can print, navigate back to their dashboard to perform other functions, or simply exit
eLynx.
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Freedom Disclosure History
Broker can navigate to Disclosure History page on freedomwholesale.com to view important disclosure related
dates
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Disclosure History Definitions
LABEL
DESCRIPTION
Compliance Timeline
Application Date
Interview Date
Initial LE Due Date
Early Close Date
Early Fee Collection Date
TRID Application Date; all 6 pieces of critical information are obtained
1003 signed date
Date the LE must be disclosed by (3 business days from Application Date)
Lock Expiration Date
Approval Expiration Date
Date the borrower provided their Intent to Proceed. Only one borrower must
give Intent
Date the borrower provides Intent to Proceed; can be done via eLynx or
freedomwholesale.com
Date the lock will expire
Date that underwriting approval expires
Initial LE Disclosure Date
Initial LE Signed Date
Last LE Re-Disclosure Date
Last LE Signed Date
‘Date Issued’ on LE
Date that at least 1 borrower has acknowledged LE
The issue date on the most recent LE
The date the latest re-disclosure package was signed by at least one borrower.
Anticipated Closing Date
Proposed Scheduled
Closing Date
Proposed CD Due
Date that broker identified as expected closing date during loan registration
Target closing date provided by the broker, which calculates Proposed CD Due
Date assuming a delivery method by mail.
Date that CD must be disclosed in order to meet Proposed Scheduled Closing
Date using delivery method of mail.
Date that the loan is scheduled to close; earliest date for signing closing
documents
Date that funds will be disbursed at closing
Intent to Proceed
Loan Estimate Tracking
Closing Timeline
Scheduled Closing Date
Scheduled Disbursement
Date
Rescission Date
Last day that borrower can exercise their right to cancel a refinance owner
occupied transaction.
Closing Disclosure Tracking
Initial CD Disclosure Date
Initial CD Disclosure Signed
Date
Last CD Re-Disclosure Date
Last CD Re-Disclosure
Signed Date
The date the CD disclosure package was sent to the borrower
Date that CD has been acknowledged. For one borrower or joint borrowers,
only 1 borrower must acknowledge. For non-joint, acknowledgement required
by all parties.
The date the last CD re-disclosure package was sent to the borrower
Date that most recent CD has been acknowledged. For one borrower or joint
borrowers, only 1 borrower must acknowledge. For non-joint,
acknowledgement required by all parties.
eConsent History
eConsent Pkg Sent Date
eConsent Rcvd Date
eConsent Authorization
Date the LE disclosure package was sent
The date the borrower provided consent to receive electronic documents.
Date populated as each individual borrower consents.
Green Checkmark is displayed when borrower provides consent to receive
documents electronically. Red X appears when borrower declines to receive
documents electronically
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FAQ’s
1. The borrower accidentally declined e-consent. Is there anything they can do to opt back in?
Yes. The borrower can log into eLynx and navigate to the dashboard, then update their user information
and preferences.
2. The borrower did not acknowledge the package within 24 hours, causing the package to be sent via standard mail.
What can we do to revert back to an electronic package?
Initial LE would have to be voided, broker would have to revisit Fee Evaluation/Create LE screen on
freedomwholesale.com and create a new LE, and select eSign as delivery method. The new LE would
reflect new disclosure date, which would still have to be within 3 business days of Application Date.
3. What are broker’s alternatives if borrower opts out of e-consent?
The package will automatically be sent via standard mail if borrower declines e-consent. For a faster
method of delivery, the broker can print the document package via the document center on
freedomwholesale.com and deliver directly to the borrower.
4. Do vested borrowers have to acknowledge the Loan Estimate package?
No. This is not required for the LE; only the CD requires acknowledgement from all parties.
5. If my borrower declined e-consent for the LE package, will the CD still go out electronically?
No. Once borrower declines e-consent, they will receive all future disclose packages via standard mail.
This can be changed by borrower accessing eLynx dashboard and updating their user preferences.
Best Practices
1. If broker intends to use eSign as a delivery method, email addresses and phone numbers should be provided up
front for all borrowers. This can be provided at time of Loan Registration, or by utilizing the Edit Loan function in the
Actions Dropdown on the website. These items should be provided prior to broker accessing Fee Evaluation/Create
LE tool.
2. If borrower declines e-consent and package is delivered via standard mail, broker will be required to provide Intent
to Proceed date on freedomwholesale.com by accessing the Intent to Proceed tool in the Actions Dropdown. On this
page, broker will be required to provide date of Intent, as well as the method in which Intent is given, i.e. Email,
Phone, Fax, In Person, Form.
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