Franklin, Tenn.-based Wipro Gallagher Solutions (WGS), a provider of end-to-end loan origination software and services for financial organizations, announced the unveiling of its NetOxygen loan origination system (LOS) to the Australian mortgage market leading up to the seventh annual Australian summit, Mortgage Processing 2011, on Feb. 8-9, at the Darling Island Wharf, Sydney.
The Web-based LOS contains robust functionality for workflow management, lead management and integrated vendor services through a scalable platform hosted by WGS or set up at a location designated by the user. The product’s workflow management feature employs pre-defined business rules to handle complex lending scenarios by anticipating each step of the lending process.
Coupled with its strong workflow capabilities tailored to fit each lender, the product’s flexibility accommodates cross-collateralization, enabling lenders to split loans into multiple loan types and products in order to best suit customers’ needs and create the most efficient lending process to support the entire origination lifecycle.
Operating in a highly regulated environment, NetOxygen fully complies with the National Credit Code’s (NCC) responsible lending obligations. In addition, the product follows standards set by the Lending Industry XML initiative (LIXI), which makes the valuation process much faster.
In addition, the product offers a short change-to-market capability, which condenses the development cycle and shortens the overall timeframe for lenders to deliver new products to their customers.
“We have successfully implemented systems in the Australian market in the past, including an LOS for one of the top four Australian lenders,” said Anil Raibagi, business head for WGS. “The newest version of NetOxygen offers a more mature feature set using the latest .NET technologies to further increase revenues, shorten training cycles and improve performance.”
NetOxygen is available as a traditionally licensed product or as a multi-tenant cloud based platform hosted in a secure data center. The hosted solution runs in a single environment, serving multiple customers while keeping proprietary data separate. Transaction based pricing and cloud based access offer significant cost savings and allows fast integration with WGS’ packaged mortgage fulfillment services.