Wipro Gallagher Solutions (WGS), an enterprise loan origination software (LOS) technology, has announced the launch of its loan modification software solution. The loan modification software contains functionality that automates the Home Affordable Modification Program (HAMP) and also has the capability to handle other loan modification programs. By leveraging best-of-breed features and functions, WGS has created an intelligent product that guides lenders through all aspects of the loan modification process, from the initial seamless-servicing upload to investor reporting.
“Our unique combination of automated technology and process services gives lenders the tools to provide optimal solutions for every loan type while ensuring a 40-50 percent savings in cost and cycle times,” said Sriram Srinivasan, global head, banking practice, Wipro Technologies. “Changes to HAMP products or the addition of other government or portfolio modification programs can be made quickly, maximizing the range of loan modification options for lenders."
As part of the loan modification product, Wipro can perform all functions related to the loss mitigation process, including soliciting, advising borrowers, processing documents, underwriting, refinances, and closings as well as implementing changes to the servicing system. Moreover, Wipro complements the software package with business process outsourcing services that can be used to provide a host of cost reduction benefits, including faster time to market and increased capacity to respond to volume spikes. These services are realized through delivery centers in Nashville, Tenn. as well as from centers in India. Wipro’s center in Nashville has more than 180 seats and is staffed with mortgage professionals experienced in technologies and business processes.
Another feature of this loan modification platform is a complementary self-service portal. This portal is seamlessly integrated into the loan modification system through a Web service layer and provides customers the ability to request assistance and review the options available to them. Using this portal, banks can further enhance cost and time savings associated with loan modifications.
WGS offers this technology solution in the Software as a Service (SaaS) model and predicts that organizations will find the SaaS model, with accelerated deployments, continuous upgrades without disruption, and no upfront hardware costs, to be a compelling value proposition. Wipro Gallagher Solutions is fully owned subsidiary of Wipro and serves more than 25 customers in the Mortgage industry.
For more information, visit www.wipro.com.