Docutech’s integrations with leading technology providers in the mortgage and consumer lending industry are key components to helping us deliver end-to-end solutions that enable lenders to streamline loan origination, reduce costs and optimize the experience for the borrower. In our recurring Industry Spotlight blog series, we highlight key relationships that help us move the industry forward by delivering the most streamlined, accurate, compliant and innovative document experience possible.
We recently sat down with Wipro Gallagher Solutions, the company behind the NetOxygen™ Loan Origination Software (LOS) platform. Wipro Gallagher has been a long standing partner with Docutech combining their customer-centric loan origination platform with smart document,eSignature and eClose technology to streamline operations while propelling the evolution of the digital loan environment.
How is Wipro’s NetOxygen LOS platform fueling the future lender?
To meet borrower demand for greater convenience, self-service and simplicity, today’s lender must shift from a transaction-centric approach to a customer-centric one while continuing to pursue strategic growth objectives that drive competitive advantage. To address this shift, lenders require an intelligent loan origination platform that streamlines operations while enabling engagement and innovation.
Built by lending and technology experts with more than 30 years of experience, Wipro Gallagher’s NetOxygen LOS is not just a system of record, but a platform of engagement and growth. Using NetOxygen, overcoming the complexities of the traditional lending model is within reach. While NetOxygen delivers all the core lending features required by today’s standards, its flexible architecture and configurability allow lenders to pursue emerging trends, enter new markets and fuel future operations.
Not just that, you can also kick-start your digital origination with the WGS NetOxygen Launchpad borrower and banker portal. NetOxygen’s Launchpad portal transforms the loan application experience for borrowers and bankers equally. Borrowers can see their application status on an intuitive dashboard, respond to queries, e-sign disclosures and initiate communication with their staff, whilethe banker’s view enables originators to take an application on the borrower’s behalf and access their pipeline. The platform provides a truly innovative solution to engage users, increase transparency, build borrower trust and improve the pull-through rate.
NetOxygen enables loan origination through its rich out-of-box product coverage, flexibility through configuration, ready compliance with regulations in-vogue and connectivity with external systems & FinTech through its rich APIs. Our base product led implementation approach, that we term as “Conference Room Pilot”, encourages greater usage of out-of-box systems and reduces customization asks that a build-oriented approach will generate.
What are the three most important lending trends you see over the next few years?
There are three primary trends that will drive the development of the lending industry and determine the success or failure of financial institutions. The most pressing is the rapidly rising cost of origination, which when combined with rising interest rates could potentially put the squeeze on both volume and profitability.
The investment by lenders nationwide in digital mortgage infrastructure is the second important trend we see. This trend is in many ways a direct response to the rising costs issue, since lenders have to invest in tools that are customer-centric while at the same time providing more efficient workflows at as low a per-loan cost as possible.
Finally, as the lending industry transitions to a more digital foundation for every piece of the workflow, developing and retaining talent will be of the utmost importance. Not only will new skills need to be taught, but the wealth of experience and knowledge from industry veterans will need to be passed onto a new generation of loan professionals.
Describe the unique benefits Wipro Gallagher provides lenders today and in the coming years.
We’ve built and developed NetOxygen to provide specific capabilities to help lenders adapt and thrive in the evolving digital lending landscape. In conjunction with our work with Docutech, we’ve focused specifically on increasing efficiencies and eliminating manual tasks. Lenders can say goodbye to duplicate data entry, and clear the clutter off their desk by driving a digital experience using Docutech’s Solex eSignatures and eDisclosures enabled within NetOxygen.
NetOxygen also auto-populates key forms to eliminate redundancies, validate data and accelerate turnaround times. Combined with the system’s automated quality management and origination workflows, lenders can shorten processing time and reduce costs-per-loan.
How does your integration with Docutech help deliver an outstanding experience to the lenders you work with?
Docutech is a vital partner in our strategy to provide the resources lenders need to succeed in the coming years. Our integration provides users with internal compliance and document services, including support for eDisclosures, enabling lenders to confidently navigate the large number of regulatory and compliance issues the industry is dealing with today. The tight integration between Docutech and NetOxygen also ensures a no defect, easily to configure document set for use by lenders of any size, lending portfolio or product mix.