Magazine article Mortgage Banking

Wipro Gallagher Solutions Enhances NetOxygen Cloud LOS

Magazine article Mortgage Banking

Wipro Gallagher Solutions Enhances NetOxygen Cloud LOS

Article excerpt

Franklin, Tennessee-based Wipro Gallagher Solutions (WGS), a provider of cost-effective, end-to-end loan origination software and services for financial organizations, has updated its NetOxygen software as a service (SaaS) loan origination system to remain in full compliance with the latest industry regulations.

The LOS has been upgraded to be fully compliant with the latest regulations, including the Department of Housing and Urban Development's Real Estate Settlement Procedures Act (RESPA); Upfront Mortgage Insurance Premium (UFMIP) for Federal Housing Administration loans; Regulation Z changes for higher-priced loans; and the Federal Reserve Board's Mortgage Disclosure Improvement Act (MDIA).

In addition, WGS incorporates new ready-to-use work-flow-management features for retail and broker lending channels. These are in addition to workflow tools already in place to support the entire origination life cycle. Furthermore, new interfaces to Fannie Mae's Desktop Originator[R] and to Agoura Hills, California-based Interthinx's Fraud-GUARD were integrated.

WGS also made updates to its loan-modification application, available through the NetOxygen platform, which guides lenders through every step of the Home Affordable Modification Program's (HAMP's) loan-modification process, including pre-qualification, initial borrower contact, eligibility, underwriting, the trial period and the official modification. …

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