Wipro Gallagher Solutions (WGS)
has announced that NetOxygen LOS is fully-compliant as per Uniform Residential Loan Application (URLA) requirements and is ready for the Start of Required Use. With application screens created to meet URLA requirements and automation to ease user experience, the NetOxygen Launchpad and LOS will keep lenders compliant while simplifying the user experience.
In December 2019, Fannie Mae and Freddie Mac published a revised 2020 implementation timeline for the updated Uniform Residential Loan Application (URLA) and automated underwriting systems (AUS). Below are important dates for lenders
►March 9: Start of Tests between Vendors and Government-Sponsored Enterprises (GSE)
►June 1: Start of Limited Production pilot for select Lenders/Vendors [must demonstrate partner readiness and be pre-approved by Fannie Mae and/or Freddie Mac]
►September 1: Start of Open Production period [formerly referred to as Optional Use period]
►November 1: Start of Required Use