Wipro Gallagher Solutions (WGS), a Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) company and a provider of loan origination software solutions, today announced that NetOxygen LOS is fully compliant as per URLA requirements and is ready for the Start of Required Use.
With application screens created to meet URLA requirements and automation to ease user experience, the NetOxygen Launchpad and LOS will keep lenders compliant while simplifying the user experience.
In December 2019, Fannie Mae and Freddie Mac published a revised 2020 implementation timeline for the updated Uniform Residential Loan Application (URLA) and automated underwriting systems (AUS). Below are important dates for lenders
- March 9: Start of Tests between Vendors and Government-Sponsored Enterprises (GSE)
- June 1: Start of Limited Production pilot for select Lenders/Vendors [must demonstrate partner readiness and be pre-approved by Fannie Mae and/or Freddie Mac]
- September 1: Start of Open Production period [formerly referred to as Optional Use period]
- November 1: Start of Required Use
For more information about URLA and NetOxygen LOS, please click here
Wipro Gallagher Solutions is a Wipro Limited company, focused on fueling the future lender since 1985. Wipro Gallagher Solutions’ digital lending platform NetOxygen helps lenders close more loans at lower costs, with its highly automated, workflow-driven, POS to closing solution, delivering superior borrower and colleague experience. Wipro Gallagher Solutions makes lending simpler, safer, and more profitable to lenders across retail, consumer, wholesale, and correspondent channels.