To offer a complete digital mortgage bundled services package, on a closed-loan basis, automated compliance solutions provider ComplianceEase recently announced the expansion of its partnership with Wipro Gallagher Solutions (WGS), a Wipro Limited company and a provider of loan origination software solutions.
WGS’s NetOxygen SaaS is designed to bring the capabilities of Wipro Gallagher Solutions’ NetOxygen loan origination system (LOS), in an easy-to-adopt, fast, scalable and “pay as you grow” model, according to a press release. With NetOxygen SaaS, lenders can focus exclusively on closing loans and leave the burden of technology to Wipro Gallagher Solutions. NetOxygen SaaS provides comprehensive product coverage across retail, wholesale, correspondent, and consumer lenders. NetOxygen is integrated with an extensive network of vendors and can be deployed easily and scaled up quickly, to match business growth.
“The high cost of origination combined with shrinking origination volumes are creating significant margin pressure,” WGS Head of Product Management and Strategy Scott Dunn said in the release. “By expanding our partnership with ComplianceEase, we are delivering a solution and a pricing model that helps lenders not only improve efficiency and monitor compliance, but also reduce the cost of origination.”
ComplianceAnalyzer, ComplianceEase’s flagship compliance management product, is designed to allow lenders to audit all liens based on a lender’s license types, exemptions and preemptions covering all levels of federal, state and municipal consumer lending laws and regulations.
“Times like these demand new thinking that aligns the interests of technology providers with their clients,” ComplianceEase President John Vong said. “We partnered with Wipro to substantially reduce lenders’ risk of production cost by charging them only when they close loans. Our new bundled offering gives lenders access to two best-of-breed technology solutions and to do it on a pay-as-you-go basis.”
The integration between NetOxygen SaaS and ComplianceAnalyzer already enables lenders to close loans quickly and compliantly. With this new package, all lenders who originate loans using NetOxygen SaaS and ComplianceAnalyzer will be charged a single per-closed-loan fee for origination and compliance services. The new offering will be more competitive and cost effective than purchasing the two products separately.