The new URLA approved by the Federal Home Finance Agency gave lenders a three-year runway to prepare. Beset by development delays, the URLA improves standardization and assists lenders in digitizing the loan-origination process as they take residential mortgage loan applications from borrowers with the intent to sell the closed loan to either Fannie Mae or to Freddie Mac. Yet despite the extended time to ready their systems, many vendors struggled to develop and test software that generates compliant URLA forms.
Having worked in loan-origination software since 1985, Wipro Gallagher Solutions delivered the first SaaS-based LOS platforms to support the URLA. Leveraging the Launchpad solution – part of Wipro’s NetOxygen portfolio – several leading companies incorporated the needs of the URLA as soon as the form was approved. This meant implementing their rollout roughly one year before other lending institutions, with their staffs fully trained and fully compliant long before the March 1st requirement.
By being able to move quickly, these companies could capitalize on some of the URLA’s core benefits:
While evaluating their options, companies should consider some key attributes of a good digital loan-origination process:
The Launchpad loan-application solution fulfills all of these requirements and leads the market in data aggregation. With Launchpad, approximately 70% of the borrowers’ application data - including personal, employment, income, and asset information - is populated via data aggregators. This makes the borrower experience extremely simple and streamlined. In addition, a visual card system dynamically asks the borrower only relevant questions, while ADR/OCR minimizes the borrower’s effort and reduces processing times, thereby increasing the number of applications that can be processed in a given time period.
To learn more about Launchpad and how the Wipro Gallagher Solutions portfolio brings value to lending organization, please click on Get In Touch at the top of this page.
Scott Jones
Senior Business Development Manager
Scott started his career in the mortgage industry in the 1980s where he gained a broad range of experience in retail and third-party origination lending as a loan officer and branch manager. This experience helped him become a successful sales executive focusing on financial technology solutions.