Information technology (IT) services firm Wipro has partnered with EXOS Technologies to simplify the digital mortgage solution for end-customers in the lending lifecycle. The joint solution will help lenders to avoid the need to rely on multiple systems throughout the mortgage origination process.
The fully integrated joint solution is being offered by Miami-based Wipro Gallagher Solutions (WGS), a subsidiary of IT services giant. EXOS is a division of Pittsburgh, US-based ServiceLink, which provides cloud-based digital technologies to real estate lenders and servicers.
Wipro Gallagher Solutions provides loan origination software solutions.
According to Wipro, the combination of EXOS solution with WGS’ solutions such as NetOxygen Launchpad and NetOxygen loan origination systems (LOS) provides lenders increased transparency and quicker turnaround times for mortgages. Consumers will be able to digitally schedule their appraisal and signing appointments for the exact date and time that is convenient for them.
The country's fourth-largest software exporter said that the process cuts out the unnecessary back-and-forth that can often add days to the timeline, according to a statement.
“The digital experience is focused both on the lender and the borrower in the origination process. With a constantly shifting and often volatile market, lenders must be able to keep up with the demand for shorter cycles by eliminating time-consuming pain points in the process,” Scott Dunn, head of product management and strategy at WGS, said.
EXOS said that its solution gives lenders greater transparency in areas such as title clearance and the expected close date to help loan officers set realistic expectations with borrowers from the beginning.
“Borrowers these days are shifting their expectations. They demand streamlined, digital experiences in all aspects of their lives and financing a home is no different. The integration provides a powerful solution that helps lenders respond confidently to shifting demands while empowering them to close loans faster and improve pipeline management, helping increase customer loyalty and satisfaction,” Kiran Vattem, chief digital and technology officer, EXOS, said.
Wipro said that depending on the property and its location, lenders using the full strength of this integration can confidently tell a client that the timeframe from application to closing may be as short as 15 or 20 days, or even sooner if no appraisal is needed.
In May, WGS had rolled out the latest version of its loan origination software solution platform to provide its customers a better digital experience, and cut loan-cycle time and overall origination costs.
Last week, Bengaluru-based Wipro posted a flat growth of 0.1% in net profit to Rs 2,390 crore for the first quarter of the financial year 2020-21, amid the Covid-19 induced global economic crisis.