Wipro Announces Enhancements to NetOxygen Cloud LOS
Wipro Gallagher Solutions (WGS), a provider of cost-effective, end-to-end loan origination software and services for financial organizations, has announced that it has updated its NetOxygen SaaS loan origination system (LOS) to remain in full compliance with the latest industry regulations. The LOS has been upgraded to fully comply with the latest regulations, including the U.S. Department of Housing & Urban Development's Real Estate Settlement Procedures Act (RESPA), Upfront Mortgage Insurance Premium (UFMIP) for Federal Housing Administration (FHA) loans, Regulation Z changes for higher priced loans and the Federal Reserve Board’s Mortgage Disclosure Improvement ACT (MDIA). In addition, WGS incorporates new workflow management features for retail and broker lending channels. These are in addition to workflow tools already in place to support the entire origination life cycle. Furthermore, new interfaces to Fannie Mae’s Desktop Originator and to Interthinx’s FraudGUARD were integrated. WGS also made updates to its loan modification application available through the NetOxygen platform, which guides lenders through every step of the Home Affordable Modification Program’s (HAMP) loan modification process including pre-qualification, initial borrower contact, eligibility, underwriting, the trial period and the official modification. The loan modification application now includes portfolio analytics, automated waterfall and NPV calculations and extensive pipeline management and workflow management. “We developed many of NetOxygen’s new features as part of our response to lenders’ requests for an LOS that further boosts efficiencies in order to maximize profitability,” said Anil Raibagi, business head for WGS. “We constantly look to improve our functionality to simplify the loan origination process for users.” NetOxygen incorporates a multi-tenant platform where the company’s solutions can run on a single server, serving multiple customers while keeping proprietary data separate. This offers significant cost savings to users and enables each customer to work with a customized virtual application instance while ensuring each customer’s loan data is isolated and protected from other users. For more information, visit www.gogallagher.com.