Wipro Gallagher Solutions (WGS), a Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) company and a provider of loan origination software solutions, has launched NetOxygen 6.2, the latest version of its NetOxygen loan origination solution platform, designed to meet lending challenges and borrower needs of the future.
NetOxygen 6.2, will significantly boost operational efficiency for lenders, incorporate strategic integrations, meet new standards and regulatory compliance, and provide a better User Interface (UI) that will further improve borrower experience.
The following are the key features of NetOxygen 6.2:
Better Operational Efficiency:
Loan document management functionality that groups and sorts documents logically and indicates the ones used for decision-making—adding to the lenders capability to process loans with greater accuracy
An enhanced MyTask Plugin that provides loan counts and color-coded visual indicators for tasks by SLA that directly improve lender efficiency
A workflow reassignment feature that alerts users to new tasks they can work on and reassign themselves as the loan contact, improving lender productivity
A workflow archiving feature that significantly reduces the number of records in the workflow database allowing dashboards, loan selector and inbox queries to respond faster
Enhancements to the prequalification and preapproval feature to optimize the workflow and improve operational efficiency
Strategic Integrations: (structure of statements below is not consistent with the prior section)
NetOxygen 6.2 will also feature a new integration with middleware providers. This will allow lenders to seamlessly select from a wider array of interface vendors with easier implantation and additional national coverage
NetOxygen 6.2 is integrated with Capsilon’s document imaging solution, Capsilon IQ platform for enhanced imaging and data capture capability that lenders can use, to complete transactions faster and reduce origination expenses
Standards and Regulatory Compliance
Application screens to meet the requirements of Uniform Residential Loan Application (URLA), improving compliance and simplifying user experience
A Mortgage Industry Standards Maintenance Organization (MISMO®) v3.4-aligned capability that lets users import or export a loan without losing the loan details mentioned in the Uniform Loan Application Dataset (ULAD)
These enhancements are in addition to a UI refresh and a host of other powerful features that expand the product’s coverage. With this release, Wipro Gallagher Solutions becomes the only provider to offer functionality across multiple asset classes (non-real estate, residential, commercial, wholesale, and equity loans).
“At the core of these enhancements is our deep understanding of automation technology. We have consciously leveraged automation to improve operational efficiency for lenders,” said Alok Bansal, Vice President and Head, Wipro Gallagher Solutions. “NetOxygen 6.2 is a demonstration of our understanding of the lending needs of the future and it uses technological innovation to keep our financial services customers at the forefront of the lending space.”