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An LOS To Satisfy All Lenders

Most loan origination or LOS offerings look to target specific size lenders with different offerings for a top 50 lenders vs. a smaller lender, for example. Wipro Gallagher Solutions (WGS), a Wipro Limited company and provider of loan origination software solutions, has launched its NetOxygen SaaS loan origination solution for mortgage lenders of all shapes and sizes.

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NetOxygen SaaS brings the power of NetOxygen, an enterprise class loan origination system that helps lenders reduce origination costs and boost production efficiency through automation.  NetOxygen connects to a front end portal and fintech offerings thus providing seamless interactions to improve borrower experience. NetOxygen SaaS enables quicker deployment and scalability to match business growth with an all-inclusive, per transaction pricing, which is based on business outcomes.

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NetOxygen SaaS provides comprehensive product coverage across mortgage, home equity, HELOC (home equity line of credit) and unsecured credit lines origination. The platform integrates an extensive vendor ecosystem which provides multiple options for standard services like credit, appraisals, fraud checks, etc. NetOxygen SaaS supports retail, correspondent and wholesale markets, and also enables niche offerings like construction lending for one close, multiple close, homestyle renovation and FHA construction.

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Key features of NetOxygen SaaS include:

>>Sophisticated workflow engine, allowing lenders to implement distinct lending policies and procedures;

>>Automated underwriting for improved efficiency;

>>Comprehensive pool of rich APIs, to enable easy integration with other applications;

>>Advanced feature supporting ADR and OCR capabilities;

>>Self-service tools to enable lenders to perform more tasks, with ease and speed.

“NetOxygen SaaS offers an extensible and scalable platform that caters to lenders’ ever-changing business needs and provides an all-encompassing solution to improve end-to-end loan origination,” said Scott Dunn, Head Product Management, Strategy and Compliance, Wipro Gallagher Solutions. “Among the platform’s many differentiators, what stands out is the ability to quickly configure business rules, products, fees and deliver industry leading functionality  for compliance, imaging, reporting, and documents generation in combination with best-in-class providers.”

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LOS Eyes Workflow And User Experience Updates

Wipro Gallagher Solutions (WGS), a Wipro Limited company, has released the latest version of its Loan Origination System (LOS), 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, Wipro Gallagher Solutions. NetOxygen v5.1 takes this agenda forward through many features that have been introduced in the LOS, that include:

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>>NetOxygen v5.1 provides a loan overview feature to offer users a bird’s eye view of various attributes of a loan in the form of a dashboard. It also provides users the ability to look at various conditions associated with the loan and indicates the category of a condition, when a condition is due and the status of the condition.

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>>As part of WGS’ continued focus to expand its list of service providers, it has added several interfaces to fully integrate with Fannie Mae’s Day One Certainty and help lenders process loans in a more automated and streamlined fashion, while enabling a quicker time to close.

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>>NetOxygen v5.1 offers several new self-service tools to enable lenders to perform certain configuration tasks by themselves, thereby 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.

>>This version features a well-defined API that allows more seamless integration of third-party applications and several technology updates designed to enhance performance of operations and the user experience.

>>In addition to the system’s numerous workflow feature updates, 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.

>>NetOxygen v5.1 Platform also supports the WGS SaaS offering which provides regional and mid- market lenders lower cost of entry, scalability and reduced time to market. NetOxygen’s SaaS offering will keep lenders up-to-date with upgrades and security patches while ensuring best-in-class system uptime.  It offers a pay-as-you-go variable cost model to help lenders reap the benefits of the platform without significant upfront investments. Clients on the SaaS offering will be able to take advantage of the all the powerful features of NetOxygen including multichannel support, self-service tools, and expanding partner ecosystem.

>>Finally, NetOxygen v5.1 fully complies with the latest industry regulatory changes. The expanded set of reportable fields as set out in HMDA 2018 is fully supported, and the new version incorporates changes to the format and number of fields within the HMDA Loan Application Register (LAR). This updated version is also fully compliant with the Uniform Closing Dataset (UCD) mandate, providing a common dataset for loan deliveries to Fannie Mae and Freddie Mac as part of the Consumer Financial Protection Bureau’s Closing Disclosure. 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 of Wipro Gallagher Solutions. “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.

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LOS Upgrade Embraces Innovation And Configurability

Wipro Gallagher Solutions (WGS), a Wipro Limited company, has released the latest version of its Loan Origination System (LOS), NetOxygen v5.0. NetOxygen v5.0 provides users such as loan officers, processors and administrators with more simplified innovation and configuration tools to meet lenders’ evolving needs and support next-gen lender transformation.

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In the first of a series of significant advancements designed to simplify innovation, NetOxygen v5.0 streamlines access to its Application Programming Interfaces (APIs) through the development of a Loan Gateway Service. The Loan Gateway Service enables direct data sharing between third-party partners and NetOxygen, accelerating the development and deployment of future-ready lending models.

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NetOxygen v5.0 also accelerates and simplifies configuration through a suite of easy-to-use self-service tools available to business users. The business tools enable lenders to address necessary and urgent business changes such as fee schemes, conditions, products, and user maintenance without intervention from the IT team.

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“The NetOxygen Loan Origination System has always offered innovation through unmatched flexibility and configurability, and we consider this flexibility to be of even greater importance to lenders in today’s highly competitive market”, said Scott Dunn, Head of Product Management and Compliance, Wipro Gallagher Solutions, Wipro Limited. He added, “Only now, NetOxygen offers the same level of innovation with greater simplification to minimize complexity, speed up the deployment of new features, and fuel future growth.”

Additional advancements to NetOxygen include greater configurability to the Rate Exception Screen, which supports a data-driven secondary marketing strategy by allowing for more granular exceptions based on key loan performance indicators such as loan quality, sale-ability, customer loyalty, and campaigns.

NetOxygen v5.0 also enhances workflow logic to improve transparency around performance and increase efficiencies within a lending operation. Clients can now use custom and granular workflow filters within NetOxygen to create more sophisticated business processes and assign work to the right business user or group based on specialization. The same logic enhances the NetOxygen Compensation Manager giving lenders the ability to track compensation based on specific loan characteristics and parameters. The enhancements have the potential to significantly improve accuracy, employee experience, and productivity within a lending operation.

NetOxygen v5.0 also incorporates hundreds of features and functions that cover standard and mandatory business and industry requirements such as Uniform Closing Disclosures (UCDs), expanded browser compatibility and additional enhancements for construction, wholesale, correspondent and consumer lending, and updates to reflect changes to Desktop Underwriter (DU) and Loan Product Advisor (LPA).

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LOS Update Adheres To UCD Specs

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.

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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).

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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.

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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.

Mobile Technology Enhances The Borrower’s Experience

When done well, mobile technology can really make for a better lending process for the borrower. For example, Franklin, Tenn.-based Wipro Gallagher Solutions (WGS), a Wipro Limited company, released the second version of its Enterprise Mobile Origination app (e.MO), a native iOS lending productivity iPad app designed to enable sales teams in the field to originate mortgage loans from any location.

e.MO v2 now pulls borrower credit in real-time using basic data provided by the borrower, which offers the loan officer a more accurate sense of whether or not the borrower will prequalify for specific products. This feature allows the mortgage loan officer or broker to act as an advisor to its borrower clients while keeping them engaged throughout the process.

In addition, e.MO v2 offers both a short form application as well as the full 1003 by which the entered data instantly synchronizes with WGS’ NetOxygen LOS, providing all the tools to keep sales staff informed and connected to the borrower.

e.MO v2 also offers users greater customer service tools including the ability to save contact details of a prospective borrower on the iPad using the saved applications functionality. Also, loan officers and brokers can more quickly access a loan from an iPad using the app’s new Search Loan tool.

“The latest version of our e.MO application further nurtures leads and helps brokers and loan officers establish rapport with the borrower, allowing the sales team to move the borrower further down the loan process upon first interaction,” said Teresa Blake, practice director at WGS. “The flexible e.MO tools position loan originators as consultants to their customers and synchronize efforts between the customer-facing sales team and back-office processors, which speeds the transaction process and ensures accurate and efficient communication with the borrower.”

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Making Each Integration Matter

No technology firm is an island in and of itself. The right integrations can make all the difference. For example, origination vendor Wipro Gallagher Solutions has integrated its NetOxygen loan origination software with Optimal Blue’s enterprise-level product, pricing, secondary marketing and compliance automation platform for the mortgage industry. Here’s why:

Fully embedded within NetOxygen, Optimal Blue’s product and pricing engine enables NetOxygen users to access accurate, best-fit rates and loan pricing scenarios for nearly 200 investors at the push of a button. Since the two-way interface automates loan data sharing, the lender no longer needs to maintain rates and product guidelines for all the different investors, which saves significant time and effort. Now, users can manage lock requests and confirmations in real time, without ever leaving the NetOxygen system.

The integration also includes Optimal Blue’s secondary marketing platform, which enables users to hedge their pipelines as well as determine the best execution and allocation of their loans in real time. The integration significantly improves efficiencies; users no longer need to export pipeline data to a file and reimport that data to a hedge system.

“Accuracy, automation and transparency are three essential ingredients needed to sustain a profitable enterprise in today’s volatile market,” said Larry Huff, co-CEO of Optimal Blue. “By streamlining the cumbersome product, pricing and secondary marketing workflow process, this interface provides our common customers with a powerful addition to their survival toolkit. Wipro Gallagher Solutions embraced the philosophy that a user should be able to utilize any feature of either system seamlessly without disruption to their workflow, which is the mindset that is shared by both companies and required to best serve our collective customers.”

“Wipro Gallagher Solutions’ technology integration philosophy is that a solution must do more than deliver flashy features and functions; it must deliver value to our customers and in any market conditions,” said Narayan Bharadwaj, general manager and business head at Wipro Gallagher Solutions. “ This seamless system integration not only improves efficiencies for our customers but it also delivers unfettered access to accurate product and pricing data which ultimately helps our customers make more profitable decisions in a trying market.”

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Keeping Everything Connected

*Keeping Everything Connected*
**By Tony Garritano**

TonyG***Every day we hear more and more about companies closely integrating their products. Everyone wants to offer the lender a seamless experience. For example, Wipro Gallagher Solutions, a Wipro Technologies company and provider of origination lending solutions for financial institutions, has launched its “Lend Value” suite of enterprise loan origination solutions, which are designed to deliver consistency and optimization across the entire lending value chain; from back-end processing to the front-end customer experience.

****The Lend Value suite of solutions encompasses its flagship NetOxygen Loan Origination System, Enterprise Mobile Origination (e·MO) app and the LendCentric user portals, all of which seamlessly interact to synchronize lending activity within a centralized data repository.

****The LendCentric Launch Pad allows the borrower to remain actively engaged throughout the loan process from application intake through supporting document upload. As a result, the lender experiences significant uplift in customer experience as the borrower is kept up to date with the progress of their application. The LendCentric Business portal enables partners and correspondent lenders to effectively communicate with lenders, which speeds the loan approval process and improves loan quality through increased transparency. Finally, the Enterprise Mobile Origination app enables sales teams to produce loans from any location using their tablet device. Data received from digital, online and back-office workstations are instantly updated across all channels.

****By pairing the NetOxygen LOS with value enhancing technologies, lenders can use a single source of rules, products and pricing data to make quicker and more accurate pipeline and portfolio decisions anywhere and at any time. This single source of setup data can be used across all platforms reducing administrative costs and ensuring customer convergence.

****“Lending activity is often fragmented across multiple devices and technology products. By delivering a suite of solutions that instantly communicates with a single source of truth, lenders can achieve a holistic view of the operation, truly optimize their processes and deliver targeted products to their customers,” said Narayan Bharadwaj, general manager and business head at Wipro Gallagher Solutions.

The Road To Paperless

*The Road To Paperless*
**By Tony Garritano**

TonyG***Paperless doesn’t start with a SMART Doc, it starts much smaller. For good or bad, lenders never take the full leap when they can take baby steps instead. That’s why every integration to help lenders get closer to paperless counts. For example, Wipro Gallagher Solutions, a Wipro Technologies company and an end-to-end provider of lending products and services, has launched an integration with the Xerox Mortgage Services BlitzDocs intelligent collaborative network to provide lenders with improved communications and enhanced document imaging.

****The partnership seamlessly integrates WGS’ NetOxygen LOS loan origination software with BlitzDocs’ electronic loan folder (eFolder). BlitzDocs advanced security settings enable all industry participants – lenders, due diligence providers, MI companies and more – to collaborate on the same documents throughout the entire loan process. NetOxygen combines this utility with its automated platform to streamline service and data management capabilities. The alliance increases productivity and security by connecting lenders with all their trading partners simultaneously, from origination to post-closing through servicing.

****“Combining WGS’ NetOxygen with BlitzDocs provides lenders with a comprehensive, best-of-breed product that greatly simplifies the loan origination process,” said Ken Marlin, general manager and vice president of Xerox Mortgage Services.

****Through the integration, a BlitzDocs eFolder is automatically created, with files displayed in the lender’s defined view and mapped to WGS’ naming standards to ensure compatibility with their underwriting capabilities. BlitzDocs also supports one-click delivery to more than 25 investors – electronically shipping closed loan folders in the investors’ predefined stacking orders. Supporting lenders through every step of the origination process, the integration greatly speeds loan purchase.

****“The strategic partnership offers lenders increased flexibility and better workflow management to complete the origination of new loans more effectively,” said Narayan Bharadwaj, business head and general manager at Wipro Gallagher Solutions. “No two lenders are alike, and this integration ensures that, no matter the situation, the combined functionality of these products will meet any lender’s specific needs.”

A New LOS Entrant, Sort Of

*A New LOS Entrant, Sort Of*
**By Tony Garritano**

TonyG***I’ve been telling you a lot about the battle for loan origination system or LOS market share. Today this story got even more interesting as a new entrant just launched, well sort of. Wipro Gallagher Solutions has released NetOxygenZip, a preconfigured version of its NetOxygen loan origination system that simplifies lending and speeds time to market. Here’s the scoop:

****NetOxygenZip allows lenders of all sizes to gain access to a more scalable, robust system using a fraction of the time, money and resources traditionally required. The system not only allows lenders to originate loans immediately after installation, but its user interface enables lenders to easily refine components later, based on unique business needs.

****“Many lenders are looking for a more powerful and compliant LOS but are reluctant to switch systems in fear of a sluggish deployment. Lenders need not compromise any more between a solution that is both robust and can be implemented rapidly,” said Narayan Bharadwaj, business head and general manager at Wipro Gallagher Solutions. “With NetOxygenZip, lenders get a flexible LOS that deploys quickly and simplifies lending.”

****The system comes equipped with features and functions central to most lending operations including data, tools, reports, service provider integrations, documents and integrated imaging functionality. The system’s workflow is pre-configured based on industry best practices and its built-in products, pricing, fees, adjustments and conditions for the most common loan products enables users to easily update and maintain system functionality without IT intervention.

****The system seamlessly integrates with reputable external service providers to ensure single system access to critical borrower, property and loan data. Its full document imaging capabilities support paperless lending, which reduces processing inefficiencies through auto-indexing and document classification. It also improves internal communication with loan annotation capabilities.

****“Today the customer experience drives many technology decisions. NetOxygenZip simplifies the lending process and places the focus back on the lender’s unique competitive advantage and away from time-consuming configuration of standard system functions,” said Bharadwaj.

****I’ll keep you updated on the progress of this new entrant. Stay tuned …