Wipro Gallagher Solutions (WGS)
has announced the release of its enhanced Home Mortgage Disclosure Act (HMDA) functionality in NetOxygen, which helps lenders comply with current and new collection and reporting requirements, prescribed by the Consumer Financial Protection Bureau (CFPB) under the HMDA Act taking effect from Jan. 1, 2018.
WGS enables its customers to achieve full compliance with regulations by automating the completion of their Loan Application Register (LAR), based on data collected throughout the loan lifecycle. Wipro Gallagher Solutions’ NetOxygen HMDA module helps lenders ensure data integrity by automatically validating all necessary demographic information prior to CFPB submission.
“By incorporating thought leadership and automation into our compliance solutions, we provide a valuable RoE (Return on Experience) for our customers,” said Scott Dunn, Head of Product Management and Strategy, Compliance for Wipro Gallagher Solutions. “We have updated our technologies and processes to ensure compliance with the upcoming reporting amendments so that our customers can confidently start collecting data and demographic information via our NetOxygen platform in advance of the rule mandate.”