Packaged, Closed-Loan Pricing Model Designed to Help Lenders Reduce Origination Costs
Franklin, Tenn.,and Burlingame, Calif. – February 21, 2019 –ComplianceEase®, the nation’s leading provider of automated compliance solutions to the financial services industry, today announced that it has expanded its partnership with Wipro Gallagher Solutions (WGS), a Wipro Limited (NYSE: WIT) company and a leading provider of loan origination software solutions, to offer a complete digital mortgage bundled services package, on a closed-loan basis.
NetOxygen SaaS brings the power of Wipro Gallagher Solutions’ NetOxygen LOS, in an easy-to-adopt, fast, scalable, and “pay as you grow” model. 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.
ComplianceAnalyzer®, ComplianceEase’s flagship compliance management product, allows lenders to audit all liens based on lenders’ license types, exemptions and preemptions covering all levels of federal, state, and municipal consumer lending laws and regulations.
The integration between NetOxygen SaaS and ComplianceAnalyzeralready enables lenders to close loans quickly and compliantly. With this new package, all lenders who originate loans using NetOxygen SaaS and ComplianceAnalyzerwill 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.
“The high cost of origination combined with shrinking origination volumes are creating significant margin pressure,” said Scott Dunn, Head of Product Management and Strategy, Compliance at Wipro Gallagher Solutions. “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.”
“Times like these demand new thinking that aligns the interests of technology providers with their clients,” said John Vong, President of ComplianceEase. “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.”
About ComplianceEase
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’ NetOxygen is fueling the future lender with its truly digital loan origination solution. With NetOxygen, lenders can leverage a workflow driven, multi-asset, multi-channel, flexible, best in class POS to closing solution, with unparalleled borrower and colleague experience. Wipro Gallagher Solutions provides retail, wholesale, correspondent, and consumer lenders with a powerful origination platform that drives profitable lending anytime, anywhere. Wipro Gallagher Solutions is a Wipro Limited company. For more information please visit www.wipro.com/gallagher
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 175,000 dedicated employees serving clients across six continents. Together, we discover ideas and connect the dots to build a better and a bold new future.
Forward-looking and Cautionary Statements
Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies