Wipro Gallagher Solutions Launches Latest Version of NetOxygen LOS
Franklin, Tenn.-based Wipro Gallagher Solutions (WGS), a provider of end-to-end loan origination software and services for financial organizations, has announced the latest version of its loan origination system (LOS), NetOxygen 3.4, which includes heightened regulatory compliance, as well as enhanced vendor interfaces and documents/imaging functionality.
To comply with recent federal regulations, NetOxygen 3.4 includes updated calculations for the Upfront Mortgage Insurance Premium (UFMIP) factor to comply with the Federal Housing Administration's FHA’s new ability to adjust its annual mortgage insurance premium. The new functionality works for all loans in which the FHA case is received after the effective date.
In addition, NetOxygen now supports new requirements for the Good Faith Estimate (GFE) for the state of New Hampshire by requiring that all fields and the tradeoff table be completed before the interest rate for the loan can be locked.
In terms of improving its vendor ecosystem, NetOxygen 3.4 integrated with another leading flood interface, which allows users to initiate a request regarding the subject property’s proximity to a flood zone. NetOxygen 3.4 also includes a new interface for providing lenders with information helpful for completing the GFE.
NetOxygen 3.4 also includes improved document and imaging capabilities so that users can select multiple images from the system and view them as a single PDF file. The updated LOS also now generates information on documents for business and government entity borrowers, as opposed to a person, automating the process for taking an application for “non-individuals.”
In terms of improved functionality, NetOxygen 3.4 improves on the following areas:
►Provides improved underwriting requirements through new functionality on the UW Worksheet dialog;
►Offers improved information about loan application and data evaluations because Freddie Mac’s Loan Prospector (LP) feedback messages are now fully integrated into NetOxygen’s workflows;
►Provides users greater flexibility to manage their work through updated filtering features for the pipeline;
►Provides greater efficiency through integrating user groups and work types with NetOxygen’s contact management system;
►Provides greater flexibility for lenders through the ability to customize the “At a Glance” area to show only the items needed for the lender’s workflow.
“NetOxygen 3.4 was designed with the end user in mind, offloading all the regulatory and compliance burdens while focusing on more robust and user-friendly features to improve the overall lending experience by enabling financial institutions to save time, reduce costs and enhance internal improvements,” said Anil Raibagi, business head of Wipro Gallagher Solutions.
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