Wipro Gallagher Solutions (WGS), a Wipro Limited company and provider of loan origination software solutions, has launched NetOxygen v7.0, the latest version of its NetOxygen loan origination solution platform.
NetOxygen v7.0 simplifies every touchpoint in the loan process, making it the most intuitive and responsive version to date. It meets new standards and regulatory compliance and features User Interface (UI) improvements that elevate both the lender and borrower experience.
With this release, WGS continues its ongoing efforts to fuel the lender of the future through intuitive technology. NetOxygen v7.0 enhances roadmap features to improve the customer experience, increase efficiencies and reduce cycle time and overall origination costs.
Key features of NetOxygen v7.0 include:
- Enhanced user experience: Through features such as an updated dashboard, updated displays of alerts and a refreshed work item task list, this update makes loan applications more intuitive and responsive. It offers batch upload and Uniform Loan Delivery Dataset (ULDD) import, to improve efficiencies in the bulk purchase of loans.
- State-of-the-art automatic document recognition (ADR) service: This updated ADR service helps processor productivity by recognizing loan documents in a package and displaying the individual documents. It splits and indexes documents, reducing manual identification efforts.
- Increased transparency/communication between lenders and borrowers: Through NetOxygen Communication Services, lenders can use email and SMS services to draw immediate attention of the interested parties, improving active communication.
- Refresh and redesign of strategic integrations: These integrations help streamline loan manufacturing and provide an enriched user experience.
- Updates that support Uniform Residential Loan Application (URLA) compliance: NetOxygen v7.0 is compliant with URLA guidelines, which will be required of all lenders beginning November 1, 2020.
“Our latest release streamlines operations while enabling engagement and innovation. It was designed to improve end-to-end lending processes and deliver a truly digital mortgage experience for both lenders and borrowers.” said Alok Bansal, Vice President and Head, Wipro Gallagher Solutions. “By improving production efficiency and enabling quicker deployments, lenders can meet the needs of borrowers and pursue business growth.”