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Wolters Kluwer, Wipro Gallagher Team Up on Document Compliance

compliance-puzzleIn the latest mortgage industry team-up, Wolters Kluwer Financial Services and Wipro Gallagher Solutions have brought their products together to help simplify compliance document complexity for lenders pushing to adhere to new disclosure rules set to go into effect next year.

According to a company announcement, Wolters Kluwer has integrated its Expere document services solution with Wipro Gallagher's NetOxygen loan origination system, allowing users to seamlessly manage compliance forms and content with a centralized set of tools and processes.

Through Expere, NetOxygen users can automatically access federal and state-specific compliance documentation, eliminating the need to manually select the proper disclosure or supporting package set.

The latest enhancement builds on a previous alliance between the two companies, which saw Wolters Kluwer's E-Forms library integrated with NetOxygen.

"Many lenders are attributing the excessive costs-per-loan to regulatory resource pressures, and as a result more lenders are choosing to rely on trusted providers who have dedicated compliance solutions," said Teresa Blake, practice director for Wipro Gallagher Solutions. "Our alliance with Wolters Kluwer Financial Services provides added assurance to our customers that demanding mandates like the TILA-RESPA Integrated Disclosure rule will be completely addressed and automatically analyzed, interpreted and updated for them."

The integration also gives NetOxygen users access to Wolters Kluwer's compliance consulting staff, made up of 400 in-house experts that monitor, review, and assess both state and federal legislation, regulator updates, and case law for product change events and who are all ready to provide consulting services.

"Now, more than ever, organizations are recognizing the importance of prioritizing sophisticated change management in order to deal with the challenge of maintaining effective compliance processes," said Art Tyszka, senior director and general manager of residential lending with Wolters Kluwer. "The NetOxygen platform provides a single solution to financial institutions seeking to consolidate all products and channels on one platform. Since Expere offers strong lending coverage on both mortgage and consumer products, together we deliver an all-inclusive compliance solution to a diverse set of lending institutions."

About Author: Tory Barringer

Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington's student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News' sister publication, MReport, which focuses on mortgage banking news.
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