The compliance landscape for lending institutions is constantly changing, and it’s extremely important for lenders to refine their processes, mitigate regulatory compliance risks and, at the same time, prepare for future changes. A case in point is the redesigned Uniform Residential Loan Application (URLA) form, which is now mandatory for processing home loans. Although the new URLA refines the borrower and lender experience, vendors must take necessary steps to ensure their customers are prepared for this change and can continue closing loans without any disruption.
At Wipro Gallagher Solutions (WGS), we’re enabling our clients to seamlessly adopt the new URLA based on our in-depth expertise in the financial industry’s constantly evolving compliance requirements. With several decades of experience working with customers, partners, and regulatory bodies, we’re helping lenders take a new approach to compliance that results in better customer experiences. :
Our approach starts with:
- Developing a mindset to embrace change: Compliance is here to stay, so proactively plan; don’t react.
- Forging the right partnerships: It’s crucial to create partnerships throughout the larger industry ecosystem (regulatory bodies, lenders, and vendors).
- Including a discovery phase: With thorough research, lenders can devise an action plan for resourcing, budgeting, and meeting compliance timelines.
- Implementing change in the right way together: Creating an effective change management plan can help ensure a seamless adoption takes place among all stakeholders.
To learn more about our approach and how to stay ahead of the curve when it comes to compliance, join us for our webinar on Thursday, August 26, 2021 | 11:00 AM PT / 2:00 PM CT. Experts from WGS will deep dive into our approach, share industry insights, and discuss recommendations on adopting the new URLA.