In today’s mortgage market, there are three big challenges facing some lender customers of Wipro Gallagher Solutions. These include how to improve loan officer productivity in the branches or retail scenarios, dealing with compliance or loan quality, and third, the focus on customer service.
“There are only a few standard products that can be sold in the market,” said Anil Raibagi, business head for Wipro Gallagher Solutions, a provider of loan technology based in Palmetto Bay, Fla.
“There are various ways through solutions and features we can help loan officers sell more and sell faster and do the right thing at the right time.”
With the help of an integrated imaging system, a loan officer can have all the paperwork scanned and Wipro Gallagher Solutions can actually set up a centralized processing center so loan offers are able to segregate specific documents into relevant folders.
If a loan officer is leveraging an existing customer database, they can copy data from those systems onto the loan file.
“It’s an important feature. We are helping them with the real-time pipeline, telling them what jobs need to be done today and what loans are overdue. Locking the loans online is one of the big challenges today. Having chat features. There are a lot of ways to improve the loan officer productivity at the branch level.”
The company also has business process and outsourcing solutions. Wipro Gallagher Solutions has over 30 customers in the mortgage space. In the last six months, the company has added five clients.
WGS offers an enterprise loan origination solution, NetOxygen, an end-to-end loan origination platform that streamlines the entire loan processing and fulfillment workflow, from managing leads and taking applications to document preparation, funding and post-closing.
According to Raibagi, if a particular borrower uses a specific mortgage lending branch, a loan officer can advise the customer online based on a special scenario “of this date, you may be eligible for this particular product. It actually happens online.” This is completed through a best-return analysis.
From a branch productivity perspective, in the near future it is going to be important to integrate some type of common portals across banks so that “there is a single customer view,” he added.
“A lot of banks and lenders are wanting to invest in this area so they can sell the customer more. A few banks are implementing a single front end where the loan officers or even the branch officers have a few looks at the borrower across different systems. They don’t talk to each other,” said Raibagi.
“Core banking is separate, consumer loans are separate, mortgage servicing happens at a single place. There is no single customer system. You require some kind of platform that allows you to pull the data from different systems, process it, and actually present scenarios to a loan officer or customer.”
