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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.”

About The Author

Tony Garritano

Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

Partnership To Deliver Modern Mortgage BI And Performance Management Tools

Wipro Gallagher Solutions (WGS), a Wipro Limited company and a provider of loan origination software solutions, and Precision Risk Management Systems, Inc. (PRMS), a provider of performance management solutions, have partnered to deliver advanced mortgage business intelligence (BI) and customer experience management solutions to mortgage lenders.

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As a part of this alliance, Wipro will offer its clients a powerful set of dashboard-driven performance management tools, including enterprise reporting, intuitive metrics and Key Performance Indicators (KPI) that focus on identifying potential problems before they progress in efforts to prevent business losses for lenders.

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“As Wipro Gallagher Solutions consistently strives to add value for customers, we have partnered with PRMS to deliver enterprise-wide management information and production analytics tools that help customers achieve greater profitability and efficiency,” said Scott Dunn, Head of Product Management, Strategy and Compliance, Wipro Gallagher Solutions, Wipro Limited.  “PRMS provides innovative solutions that are intuitively easy to use and are capable of integrating and functioning in an extremely short period of time to provide a rapid return to our customers.”

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“PRMS is extremely pleased to be working with the team at Wipro Gallagher Solutions to help lenders perform at a higher level,” said David Demster, Executive Vice President, Precision Risk Management Systems.  “These solutions will provide Wipro customers with focused business reporting, graphical dashboard information and key performance indicators that will enable management and staff to work more efficiently and effectively.”

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.

About The Author

Tony Garritano

Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.

Robots In Mortgages

When you think of robots, what comes to mind? Many of us picture human-like machines such as Robby the Robot, C-3PO and R2D2, or even the robotic vacuum cleaners that are prevalent today. But not many of us are quite as aware of software robotics that are emerging, helping to automate business processes. It has been said that robots are the future of mortgage automation. Specifically, robotic process automation (RPA) software tools are helping with efficiency throughout the lending lifecycle.

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Robots were created to eliminate the human operator, saving on labor costs. Another benefit is the speed at which systems can be deployed. In some cases, these “bots”, as they are known, can be deployed via configuration tools without any additional programming. This decreases overall time to market for new automation and it becomes more of a business-enabled event to make changes versus an IT-event that goes through rigorous change processes and deployment cycles. A number of players in the market offer chatbots and virtual agents to interact with humans.

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And what if we could accurately predict when a specific loan needed an additional fraud check based on certain parameters? With newer RPA tools, specific, repeatable processes like QC and appraisal ordering can be automated even further than they are today. Many systems have had rules engines and automated service orders for quite some time. RPA can leverage disparate and unstructured data sources to determine proactive process changes for a specific loan scenario. Ultimately, overall error rates can be brought to zero with any task that would leverage RPA.

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Machine learning techniques in conjunction with RPA, workflow management and load balancing can all become much more sophisticated as well. SLAs can be monitored in real time and adjusted accordingly for a given situation, thereby reflecting the complexity and size of any given task. Today, in most cases, a person has to change the SLA for a given work item manually. Using RPA, your knowledge workers can focus on more strategic items and only deal with the loan cases that require exception handling according to the loan parameters.

Another key area that RPA can be used for is the whole concept of RegTech. With constant changes to laws, guidelines, and rulings, and data that exists across multiple, disparate systems, RPA can ensure that customer, property, and other key data is available at the right place at the right time. In fact, data from origination, servicing, and core banking platforms along with data from other non-traditional sources like social platforms can help refine risk models to apply in a given situation and ensure full compliance with all applicable laws.

I’ll leave you with one final thought. PWC estimates that up to 38% of existing U.S. jobs are susceptible to AI and RPA by the early 2030s, but the nature of what humans do will change versus their roles disappearing altogether. RPA provides a level of automation that few companies have experienced as of yet. It allows lenders to become much more predictive and proactive to customers’ needs and wants via anticipatory models versus reactive as is the case in a number of operations today. Instead of replacing humans, RPA allows more focus on customer experience enhancements and strategic changes, improving the overall lending experience while gaining huge efficiencies and cost savings.

About The Author

Joey McDuffee

Joey McDuffee is director at Wipro Gallagher Solutions, a Wipro Ltd. company (NYSE:WIT), which is a provider of end-to-end technology products and services for mortgage, consumer, and commercial lenders in the United States and abroad. WGS’ technology products include its flagship NetOxygen Loan Origination Systems (LOS) and mobile lending technologies. For more information about Wipro Gallagher Solutions, visit the company’s website at www.wiprogallagher.com.

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.

Tomorrowland In Loan Origination

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Perhaps you’ve just added digital tools to your menu of origination technology or you recently switched Loan Origination Systems (LOSs), boosting the confidence you have in your organization’s preparedness for the future. But, Tomorrowland in the loan origination business may be more drastic than you think. How prepared are you to compete with emerging business models and how prepared are your infrastructure and platforms for the upcoming technology advancements?

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In the last five years, the traditional mortgage lending model has modernized and become more non-linear with the increased usage and availability of data. Significantly. Paperless processing, OCR technology, data verification innovation, eSignatures and smart automation have made its way into the archaic and complex mortgage industry, simplifying some of the most cumbersome, costly and time-consuming processes. Considering how far the industry has come in the last five years, mortgage industry participants should anticipate even greater advancements in the next five years. By remaining watchful of emerging trends, lenders can take practical steps to prepare for ongoing business and technology transformation. Here are the biggies:

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Focus on Creating Value: You may hold that belief that providing a loan for homeownership is value enough for a customer. But, by today’s standards, value creation is about what you can deliver to a customer above and beyond their expectation and beyond a single moment in time. Some of the most successful businesses have dissected the journey of their customers to identify and satisfy “wish list” items that come up before, during and after a transaction. Pay attention to what the customer really wants in their home buying experience and find ways to combine forces with partners and peers to answer those needs.

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Trailblazers are Practical: Business trailblazers in every industry are focused on designing for an improved customer experience and it is not without good reason; data suggests that the better the experience for the customer, the greater the revenue stream. Unfortunately, many businesses operating in the mortgage space are still reluctant to incorporate customer experience design into their overall business and technology transformation efforts, not realizing the correlation between customer experience and business efficiency. Designing processes and systems around customer experience can increase customer participation, which in turn, speeds loan processing, generates significant productivity gains for the lender and reduces overall costs. Investing in the experience is not only good business to build loyal customers, but it is practical.

System of Growth and Opportunity: As the world becomes more connected, your origination technology platform is required to do more than react to business-driven processes and tasks. Systems need to support strategic growth plans including new technology and service integrations and extensions, business channel development, rapid product expansion and value creation initiatives. It should also support customer interactivity from various touch points, including online, mobile and video assistance. As you progress into the rapidly evolving technology and business environment, ensure that your business systems and infrastructure are more than just a system of record but offer opportunities to grow, evolve and engage with your customers.

About The Author

Joey McDuffee

Joey McDuffee is director at Wipro Gallagher Solutions, a Wipro Ltd. company (NYSE:WIT), which is a provider of end-to-end technology products and services for mortgage, consumer, and commercial lenders in the United States and abroad. WGS’ technology products include its flagship NetOxygen Loan Origination Systems (LOS) and mobile lending technologies. For more information about Wipro Gallagher Solutions, visit the company’s website at www.wiprogallagher.com.

New Webinar Looks To Fuel The Lender Of The Future

Wipro Gallagher Solutions (WGS), a Wipro Limited company and provider of end-to-end origination technology products launches its micro-webinar series titled, “Fueling the Future Lender Microwebinars.” Here’s the scoop:

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“Fueling the Future Lender Microwebinars” are a series of short but information-rich webinars on compelling themes for the future of the mortgage lending industry. Facilitated by Wipro Gallagher Solutions, these on demand webinars will be under 20 minutes long and will feature experts from various forward-thinking companies covering topics ranging from borrower journey mapping to mobility, data automation, crowd funding, data and analytics, cloud computing, information security, and more.

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Confirmed panelists for the webinar series’ ever-growing list of presenters include such thought leaders as:

  • Darren Oddie, strategy director at Wipro Digital
  • Tom Greenwood, lead experience consultant at Wipro Digital
  • Pamela Johnston, principal at PwC Financial Services Advisory
  • Joe Dahleen, president at Taxdoor, a Chronos solution
  • Brent Chandler, founder and CEO of FormFree
  • AdaPia d’Errico, CMO at Patch of Land
  • Daniel Smith, senior vice president at ComplianceEase
  • Joey McDuffee, head of sales and marketing at Wipro Gallagher Solutions
  • Jim Deitch, chief executive officer and co-founder at Teraverde Management Advisors
  • Matt Richins, cloud architect at Rackspace
  • Rudy Zabran, managing director at Opus Capital Markets Consultants

“The goal of this power-packed webinar series is to catalyze the industry and envision the future of lending looks, define the challenges and opportunities facing lenders in the new lending environment, and showcase the tools available to advance the business forward,” said Gopi Krishna, General Manager, Wipro Limited.

The webinar series started February 23, 2016, and WGS will continue to release webinars on a regular basis. All available webinars and speaker information are posted on the following microsite: www.webinars.wiprogallagher.com. Interested industry executives with relevant information to share can contact robyn.mahoney@wipro.com to propose a 20-minute webinar.

About The Author

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Tony Garritano

Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at tony@progressinlending.com.