*One Loan Origination System Stands Ready*
**By Tony Garritano**
***As we move to a more data-driven process, change is requited. The LOS has a lot of work to do to get its lenders ready. But the good LOS will be up for the challenge. Today I* learned that, for example, Wipro Gallagher Solutions (WGS), has adopted the uniform loan delivery dataset (ULDD) using the MISMO Version 3.0 reference model, which ensures prompt and compliant loan delivery data, thereby increasing transparency in loan transactions made between lenders and GSEs. Here’s the story:
****With the implementation of ULDD standards, users of the WGS NetOxygen LOS are equipped to seamlessly interface with GSEs by the industry deadline of July 23rd. ULDD enables WGS clients to have in-house control of loan data and transfers to GSEs, which can eliminate the use of a third party to review and verify valid loan data and perform the actual delivery.
****“Adoption of a consistent loan delivery format reduces the cost and time lenders and investors spend cross checking and comparing data fields,” said Narayan Bharadwaj, business head for WGS. “Ultimately, ULDD creates additional efficiencies in the primary and secondary mortgage markets, as well as provides a more transparent lending experience for our customers specifically.”
****Other key benefits of WGS’s ULDD compliance include greater efficiency in data collection, higher levels of specificity in data and reduced dependency on special codes. ULDD export allows for single, batch or groups of batch loan transmission to Fannie Mae or Freddie Mac, which can be customized by the user based on their own selection criteria because it is designed to accommodate all types of loan attributes and transactions.