The technology integration between Wipro Gallagher Solutions (WGS), a loan origination software provider, and ComplianceEase, an automated compliance solutions provider, has been enhanced to allow Wipro users to include per diem interest compliance tests results on their audit reports, which is particularly beneficial to the companies’ clients in California.
The audit reports, created by ComplianceAnalyzer based on data collected from Wipro’s NetOxygen loan origination system (LOS), will enable new functionality that automatically is applied based on the type of license a lender has to originate mortgages in California.
ComplianceAnalyzer’s California Per Diem Interest Test 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.
“Violating California’s rules for per diem interest is one of the most common and costly violations that lenders are penalized for,” ComplianceEase President John Vong said in the release. “In fact, per diem interest violations against four top non-bank lenders totaled $13.3 million in the past 20 months. 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,” Wipro Head Product Management, Strategy and Compliance Scott Dunn said. “Our updated integration with ComplianceAnalyzer will give our lender clients the ability to seamlessly test their documents and avoid costly violations.”