Wipro Gallagher Solutions (WGS), a provider of end-to-end loan origination software (LOS) and services for financial organizations, has announced that it has implemented EarlyCheck, a Web-based interface, in its NetOxygen loan origination system to remain in full compliance with Fannie Mae’s Loan Quality Initiative (LQI) mandates.
EarlyCheck enables users to identify and correct potential eligibility and data issues as early as possible—prior to loan delivery, which greatly lessens the number of loans that are returned from Fannie Mae on account of incorrect information. The interface can be used for loans underwritten with any method—Desktop Underwriter (DU), manual, etc.—and there is no usage fee associated with the checks as part of the initial release.
Once a user enters a loan application and submits the application to DU, the user can run the EarlyCheck interface on the loan. EarlyCheck produces a report detailing any inconsistencies between the information submitted to DU and existing information. Errors that keep a loan application from passing through Fannie Mae are marked as a fatal error for the loan application in the report. The user can correct the error before submitting the loan to Fannie Mae, thereby streamlining servicing and saving time.
Some of EarlyCheck’s features include the following:
►Less manual error resolution;
► Fewer delivery stops, resulting in less financial and operational impact;
► Reduced funding delays resulting from delivery issues;
► Enables lenders to check the EarlyCheck service at any time in the process prior to loan delivery;
► Provides real-time, loan-level results in a user-friendly report or file;
► Provides a summary of issues and a detailed message for each issue; and
► Checks things like SSN (Social Security Number), occupancy, address, LTV, monthly debt expense, loan limit and required delivery fields.
“NetOxygen’s seamless integration with EarlyCheck enables our users to proactively identify and correct any potential hiccups that could hold up the loan delivery process,” said Narayan Bharadwaj, head of business for Wipro Gallagher Solutions (WGS). “This greatly saves time and eliminates unnecessary frustration for lenders interested in closing more loans.”