Proactive compliance strategy enables WGS clients to seamlessly deliver UCD well ahead of September 2017 mandate
FRANKLIN, Tenn., - February 13, 2017:
Wipro Gallagher Solutions (WGS), a Wipro Limited company, today announced that its NetOxygen Loan Origination System (LOS) has been directly integrated with Government Sponsored Enterprise (GSE) tools to ensure full compliance with the Uniform Closing Dataset (UCD) in the United States.
A required industry dataset based on the Mortgage Industry Standards Maintenance Organization (MISMO) 3.3 standards, UCD allows information on the Consumer Financial Protection Bureau's (CFPB) Closing Disclosure to be communicated electronically, thereby providing accuracy, consistency and clarity on loan transactions. The UCD must be submitted to the GSEs for validation of loans with a note date on or after September 25, 2017. UCD submission must occur prior to Uniform Loan Delivery Dataset (ULDD).
The direct GSE integration not only allows NetOxygen users to adhere to industry compliance standards, but also enables them to submit a file from NetOxygen's delivery manager for GSE consumption. NetOxygen also enables the file to be extracted manually for downstream aggregators. WGS ensures client UCD readiness by using Application Program Interfaces (APIs) that connect to both WGS' native and third party imaging solutions.
WGS is conducting orientation sessions with customers to demonstrate the new features and provide guidance on how to extract and upload the data most effectively.
"We've designed a structured compliance approach that not only provides lenders with the tools necessary to comply with the latest requirements well before the mandate's deadline, but also helps them streamline their processes," said Scott Dunn, Head of Product Management and Strategy, Compliance for Wipro Gallagher Solutions, Wipro Limited.
About Wipro Gallagher Solutions
Wipro Gallagher Solutions (WGS), a Wipro Limited company (NYSE:WIT, BSE: 507685, NSE: WIPRO), is a provider of end-to-end technology products and services for mortgage, consumer, and commercial lenders in the United States and abroad. WGS' technology products include its flagship NetOxygen Loan Origination Systems (LOS) and mobile lending technologies. The company also provides loan fulfillment services, lending analytics, and consulting. For more information, please visit the company's website at www.wiprogallagher.com.
About Wipro Limited
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading information technology, consulting and business process services company that delivers solutions to enable its clients do business better. Wipro delivers winning business outcomes through its deep industry experience and a 360 degree view of "Business through Technology." By combining digital strategy, customer centric design, advanced analytics and product engineering approach, Wipro helps its clients create successful and adaptive businesses. A company recognized globally for its comprehensive portfolio of services, strong commitment to sustainability and good corporate citizenship, Wipro has a dedicated workforce of over 170,000, serving clients across 6 continents. For more information, please visit www.wipro.com
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