A Tech Mix of Digital Financial & Mortgage Processing Help
New fintech updates for credit unions are announced from CO-OP, CU Direct and Wipro Gallagher Solutions.
A fintech mix of announcements includes a central integration hub that facilitates connecting to application programming interfaces; and mortgage platforms for originations, loan document handling and business performance reports.
Rancho Cucamonga, Calif.-based CO-OP announced the Developer Portal, a system housing CO-OP APIs in a single, digital library. The Developer Portal provides scalable architecture that breaks APIs into smaller, reusable services enabling credit unions to quickly add features and functionality into their own digital applications. This allows CO-OP to speed the delivery time of its APIs, and for credit unions to deliver new features and functions more quickly to their members, and to keep up with the rapid pace of technology advancements and rising consumer expectations.
“An open environment for credit unions and our partners brings the cooperative spirit of collaboration and innovation to life,” Bruce Dragt, chief product officer for CO-OP, said. “Developers and business leaders alike will find the right solutions and, importantly, the guidance to implement them. This includes a number of resources, such as start-up guides and developer’s documents, code snippets and use case examples. Most important of all is the support we offer via our team of integration experts, ready to help our credit union clients implement best practices for a speedy and successful integration of services.”
The Developer Portal’s underlying API management system enables CO-OP to scale to the needs of credit unions while also providing a consistent service environment.
“The Developer Portal is among the reasons Coastal values its partnership with CO-OP, as it enables us to rapidly discover, integrate and manage the services provided in the CO-OP ecosystem,” said David Faleski, SVP, chief information officer, for Coastal credit union ($3.3 billion, Raleigh, N.C.) said in a press release.
New American Funding selected the Irvine, Calif.-based Origence (from CU Direct) Origence, is a comprehensive platform that that according to the company scale services to fit the evolving needs of mortgage lenders, significantly reducing manual work and risk. The Origence platform provides a mortgage lending platform that offers a POS and loan origination system to increase purchase close rates and throughput, while reducing lenders’ cost and cycle time.
“We are taking the lead to provide not only a new type of experience for lenders, but also a dramatically improved experience for borrowers,” Roger Hull, Origence president and chief product officer said. “It’s rewarding to see the level of efficiency and profitability Origence brings to the table for our lending partners.”
The end-to-end LOS solution offers point-of-sale and fulfilment systems focused on reducing friction in the mortgage process, while simultaneously increasing pull-through rates through marketing automation.
“We are extremely excited about selecting the Origence platform for our new mortgage loan origination system,” Rick Arvielo, New American Funding CEO, said. “The platform is designed to improve efficiencies and help simplify the loan application process for everyone. By collaborating with Origence, we are now able to improve the overall borrower experience and help them achieve homeownership faster.”
Franklin, Tennessee, and Bangalore, India-based Wipro Gallagher Solutions announced two developments to its NetOxygen platform: The first, the launch of version 6.2, which the company said will significantly boost operational efficiency for lenders, incorporate strategic integrations, meet new standards and regulatory compliance, and provide a better UI that will further improve borrower experience. The company also announced the launch of NetOxygen PULSE, a cloud-based application for business intelligence, reporting, and dashboarding that gives mortgage banks, lenders, and executives access to business performance reports on-the-go.
Features of NetOxygen 6.2 include Better Operational Efficiency including Loan document management; an enhanced MyTask Plugin that provides loan counts and color-coded visual indicators, workflow reassignment and archiving features and enhancements to the prequalification and preapproval feature; strategic integrations with middleware providers; and the Capsilon document imaging solution; and Standards and Regulatory Compliance application screens to meet the requirements of Uniform Residential Loan Applications; and a mortgage industry standards maintenance organization capability; and improvements to the prequalification and preapproval feature to optimize the workflow and improve operational efficiency.
“At the core of these enhancements is our deep understanding of automation technology. We have consciously leveraged automation to improve operational efficiency for lenders,” Alok Bansal, vice president and head, Wipro Gallagher Solutions, said. “NetOxygen 6.2 is a demonstration of our understanding of the lending needs of the future and it uses technological innovation to keep our financial services customers at the forefront of the lending space.”
WGS created NetOxygen P.U.L.S.E. to give mortgage lenders and executives quick access to business performance reports through an interactive dashboard. The user interface transforms data into simplified visuals, for efficient decision making. Intuitive charts/views on pipeline production, statistics, and loan lifecycles, allows for predictive analytics to help understand how to improve efficiency through staffing predictions or redistributing workloads. This view on a real-time basis helps lenders more easily minimize risk and increase revenue. P.U.L.S.E., fully integrated with NetOxygen through a robust set of APIs, allows data updates in real time while staying compliant.
“For a long time, lenders have had to depend solely on [mortgage information services] or printed reports for in depth performance and predictive analysis which can lead to delays or a lack of transparency,” Scott Dunn, Head of Product Management and Strategy, Compliance, Wipro Gallagher Solutions said. “The NetOxygen P.U.L.S.E. application achieves this instantly.”