Wipro Gallagher Solutions (WGS), a leading loan-origination software solution provider, has introduced an industry-first Automatic Income Calculator to its award-winning NetOxygen loan-origination solution (LOS). The innovative feature, which lenders can use to yield significant savings, is just one of many updates included in NetOxygen 7.2.
NetOxygen 7.2's Automatic Income Calculator enables the customer to calculate a borrower's income based on submitted documents such as paystubs, W-2s and tax returns. This unique tool provides loan officers and underwriters a more-accurate income estimation and validation. The feature also assists with archiving and auditing while reducing customer effort up to 70 percent. Additional upgrades further improve the usability of NetOxygen to ensure financial institutions can process loans faster and more efficiently through Artificial Intelligence (AI) and automation.
"The new features we're introducing in NetOxygen 7.2 provide our clients with a powerful service and platform to improve and complete the loan origination experience for their customers. Financial institutions will also, for the first time, be able to fully benefit from the insight offered by a next-generation lending experience that streamlines the loan-application process for borrowers while simultaneously increasing productivity and loan volume for lenders," said Alok Bansal, Vice President and Business Head, Wipro Gallagher Solutions.
Additional new features in NetOxygen 7.2 include: