Wipro Gallagher Solutions, a 2017 HW Tech100 winner, announced the release of the newest update to its loan origination system, NetOxygen v5.1.
“We are constantly updating our system to keep pace with the evolving industry landscape, while adding innovative efficiencies to enhance lenders’ speed, productivity and accuracy throughout the entire lending process,” said Scott Dunn, head of product management and compliance for the company.
WGS said its new features for NetOxygen v5.1 include:
- A loan overview feature to offer users a bird’s eye view of various attributes and conditions of a loan in the form of a dashboard.
- Several new interfaces to fully integrate with Fannie Mae’s Day 1 Certainty and help lenders process loans in a more automated and streamlined fashion, while enabling a quicker time to close.
- New self-service tools enabling lenders to perform certain configuration tasks by themselves, resulting in a boosting operational efficiency and reducing time to market. These features include product and pricing setup, conditions configuration, configurable fee matrices and a user management tool.
- An API that allows more seamless integration of third-party applications and several technology updates designed to enhance performance of operations and user experience.
- Numerous workflow feature updates. Also, the 5.1 version integrates a combined correspondent and wholesale portal to offer a more simplified experience pertaining to the processing of loans that originate from the correspondent and wholesale channels.
WGS also explained that platform now also supports the company’s SaaS offering, which provides regional and mid-market lenders lower cost of entry, scalability and reduced time to market.
The updated solution is also fully compatible with new HMDA regulations. The new version incorporates changes to the format and number of fields within the HMDA Loan Application Register. WGS also said this updated version is also fully compliant with the Uniform Closing Dataset mandate and other compliance changes include Military Lending Act updates, Desktop Underwriter version 10.1 updates, a revised Cash Flow Analysis worksheet (Form 1084) and Single Housing Guaranteed Income Limits table updates.
“Our innovations are designed to not only meet the regulatory and workflow demands of our valued customers, but also give them a competitive edge to fuel future growth,” said Alok Bansal, vice president and business head at WGS. “We are very excited about our SaaS offering that will substantially improve lenders’ efficiencies and help them drive digital transformation with the NetOxygen platform,” he added.