Wolters Kluwer Financial Services and Wipro Gallagher Solutions, a Wipro Limited company and provider of the NetOxygen loan origination system, are working together to streamline and help simplify compliance document complexity for lenders looking to adhere to the Truth in Lending Act and Real Estate Settlement Procedures Act Integrated Disclosure rules (TILA-RESPA), which go into effect on Aug. 1, 2015.
Leveraging the extensive loan data within NetOxygen, Wolters Kluwer Financial Services’ Expere document services allows NetOxygen users to seamlessly manage compliance forms and content with centralized tools and processes to implement updates and changes automatically, independent of vendor release schedules. Using Expere, NetOxygen users automatically access federal and state-specific compliance documentation within the loan transaction to eliminate lenders’ need to manually select the proper disclosure and/or supporting package set.
This strategic alliance brings together two global organizations providing comprehensive lending solutions to some of the largest banks and builds upon an existing integration between Wolters Kluwer Financial Services’ E-Forms, a comprehensive library of compliance lending documents in electronic image formats, and WGS’ NetOxygen.
“Now, more than ever, organizations are recognizing the importance of prioritizing sophisticated change management in order to deal with the challenge of maintaining effective compliance processes,” said Art Tyszka, senior director and general manager, residential lending with Wolters Kluwer Financial Services. “The NetOxygen platform provides a single solution to financial institutions seeking to consolidate all products and channels on one platform. Since Expere offers strong lending coverage on both mortgage and consumer products, together we deliver an all-inclusive compliance solution to a diverse set of lending institutions.”
Further augmenting WGS’ compliance team and capabilities, the enhanced relationship also provides NetOxygen users with access to Wolters Kluwer Financial Services’ compliance consulting staff, which provides consulting services on issues relating to regulatory intelligence, transaction and origination management, risk management and audit/analytics and reporting. The company’s compliance staff includes 400 in-house experts that monitor, review and assess state/federal legislation, regulator updates and case law for product change events.
“Many lenders are attributing the excessive costs-per-loan to regulatory resource pressures, and as a result more lenders are choosing to rely on trusted providers who have dedicated compliance solutions,” said Teresa Blake, practice director for WGS. “Our alliance with Wolters Kluwer Financial Services provides added assurance to our customers that demanding mandates like the TILA-RESPA Integrated Disclosure rule will be completely addressed and automatically analyzed, interpreted and updated for them.”