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Volume 2014 - Number 14

April 10, 2014

Cyber-Attack on Ellie Mae Raises a Big Question: If They Got Hacked, Can This Happen to Others?

Mortgage lenders are still smarting from a recent cyber-attack on their loan origination software provider, Ellie Mae, but a larger question now looms: If a company of Ellie’s stature was hacked, can it happen to other vendors as well? Tony Garritano, a consultant who manages a mortgage technology advocacy group called Progress in Lending, said, to the best of his knowledge, the attack on Ellie Mae is a first for the industry – and likely not the last. “As more lenders and their vendors migrate to the Internet this will happen again and again,” he said. He notes...

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With originations expected to drop in 2018, will your shop turn to non-QM/non-prime mortgage products as a way to bolster volumes?

Yes, definitely. We’re planning a launch.


No. It’s still difficult compliance/regulatory-wise.


Maybe. It’s under consideration.


Not now. But things could change as 2018 progresses.