Bangalore, India, Franklin, Tenn., and Burlingame, Calif., USA – July 25, 2018:
Wipro Gallagher Solutions (WGS), a Wipro Limited company and a leading provider of loan origination software solutions, and ComplianceEase®, the nation’s leading provider of automated compliance solutions to the financial services industry, today announced that they have enhanced the integration between ComplianceAnalyzer® and Wipro Gallagher Solutions’ NetOxygen loan origination system (LOS). This allows Wipro users to include the per diem interest compliance tests results on their audit reports.
The California Per Diem Interest Test in ComplianceAnalyzer audits a lender’s calculation for the maximum allowable amount of per diem interest that may be charged (or the minimum amount of interest to be credited). Based on when the loan closes, the test will provide a “pass,” “fail,” or “not tested” (typically due to lack of data) result. The new functionality is automatically applied based on a lender’s license type held in California to originate mortgages.
“Violating California’s rules for per diem interest is one of the most common and costly violations that lenders are penalized for. In fact, per diem interest violations against four top non-bank lenders totaled $13.3 million in the past 20 months,” said John Vong, President, ComplianceEase. “Having an updated ComplianceAnalyzer integration that automatically checks for per diem violations allows lenders to confidently originate compliant loans.”
“Our top priority is always to equip our clients with the best tools available to help them close loans as quickly and efficiently as possible,” said Scott Dunn, Head Product Management, Strategy and Compliance, Wipro Gallagher Solutions. “Our updated integration with ComplianceAnalyzer will give our lender clients the ability to seamlessly test their documents and avoid costly violations.”
Headquartered in the Silicon Valley, ComplianceEase®, a division of LogicEase Solutions Inc., is a leading provider of risk management solutions to the financial services industry. ComplianceEase's patented platform includes ComplianceAnalyzer®, the mortgage industry's most adopted automated compliance solution with the most comprehensive TRID auditing. ComplianceEase combines regulatory expertise with innovative technology to power end-to-end risk management solutions that help financial institutions improve compliance controls and increase profitability. The company's growing client base includes financial institutions, service providers, law firms, GSEs, and three of the top five mortgage lenders in the U.S. ComplianceEase's automated compliance solutions have also been adopted as e-Exam tools by federal and state banking and mortgage regulators. For more information, visit ComplianceEase.com or call 1.866.212.3273.
About Wipro Gallagher Solutions
Wipro Gallagher Solutions is fueling the future lender. We provide retail, wholesale, correspondent, and consumer lenders with a powerful origination platform that drives profitable lending anytime, anywhere. Moving beyond a system of record to a system of opportunity, the NetOxygen platform elevates the borrower experience with front-to-back workflow, compliance automation, and paperless processing while leaving room for innovation through configurable workflow, third party integrations, and web services/APIs. Wipro Gallagher Solutions is a Wipro Limited company. For more information about Wipro Gallagher Solutions, visit www.wiprogallagher.com
About Wipro Limited
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading global information technology, consulting and business process services company. We harness the power of cognitive computing, hyper-automation, robotics, cloud, analytics and emerging technologies to help our clients adapt to the digital world and make them successful. A company recognized globally for its comprehensive portfolio of services, strong commitment to sustainability and good corporate citizenship, we have over 160,000 dedicated employees serving clients across six continents. Together, we discover ideas and connect the dots to build a better and a bold new future.
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