Wipro Gallagher Solutions (WGS), a Wipro Limited company, has updated its NetOxygen Loan Origination System (LOS). The solution has been directly integrated with Government Sponsored Enterprise (GSE) tools to ensure full compliance with the Uniform Closing Dataset (UCD) in the United States.
A required industry dataset based on the Mortgage Industry Standards Maintenance Organization (MISMO) 3.3 standards, UCD allows information on the Consumer Financial Protection Bureau’s (CFPB) Closing Disclosure to be communicated electronically, thereby providing accuracy, consistency and clarity on loan transactions. The UCD must be submitted to the GSEs for validation of loans with a note date on or after September 25, 2017. UCD submission must occur prior to Uniform Loan Delivery Dataset (ULDD).
The direct GSE integration not only allows NetOxygen users to adhere to industry compliance standards, but also enables them to submit a file from NetOxygen’s delivery manager for GSE consumption. NetOxygen also enables the file to be extracted manually for downstream aggregators. WGS ensures client UCD readiness by using Application Program Interfaces (APIs) that connect to both WGS’ native and third party imaging solutions.
WGS is conducting orientation sessions with customers to demonstrate the new features and provide guidance on how to extract and upload the data most effectively.
“We’ve designed a structured compliance approach that not only provides lenders with the tools necessary to comply with the latest requirements well before the mandate’s deadline, but also helps them streamline their processes,” said Scott Dunn, Head of Product Management and Strategy, Compliance for Wipro Gallagher Solutions, Wipro Limited.