Wipro Gallagher Solutions (WGS) has announced the latest version of its loan origination system (LOS), NetOxygen 3.5. The release contains hundreds of new functions and features that support high quality lending and an even more intuitive end-user experience. Highlighted NetOxgen 3.5 upgrades include:
►Enhancements that provide users with a more granular and consistent view of loan level details. NetOxygen’s new price search feature offers quick access to a loan’s price history within a specific time frame allowing a user to compare past and current rates impacting a loan. In addition, the system delivers an “at a glance” feature, which gives constant visibility into critical loan details. These improvements reduce the need for manual fact checking enabling users to make informed decisions faster and improve customer service by providing snapshots of key facts at a glance.
►Workflow enhancements that support high-quality lending. New workflow control features include increased comment capture that strengthens user communication between processes and workflows. Additionally, upgrades include loan field triggers that ensure even greater accuracy and completion prior to a loan’s advancement to the next phase of origination. These system upgrades will allow lenders to reduce overall risk and speed transaction cycle times.
►Adoption of uniform loan delivery dataset ULDD standards, which helps instill investor confidence by ensuring critical loan data is delivered to GSEs in a consistent format. The adoption of ULDD standardizes loan delivery requirements to reduce the need for excessive data reviews on the part of both the lender and investor. The improvement also increases transparency between lenders and GSEs and serves to improve overall transaction quality.
“The enhancements made to NetOxygen 3.5 were developed to meet the demands of our valued customers. In today’s fast moving and highly regulated lending environment, built-in compliance triggers, intuitive workflow, and ease of use make a significant impact on the lender’s success," said Narayan Bharadwaj, business head at WGS. “Wipro Gallagher Solutions expects that 2013 will focus on regulatory compliance with the CFPB while increasing manufacturing quality at the same time.”