Wipro’s NetOxygen solution helps a leading real estate mortgage lender respond quickly to market demands.
Client Background
The client is a leading real estate secured mortgage lender in the US, operating in the retail and wholesale segments with a large branch network. While retail customer acquisition happens through the branch network and advertising, account representatives scout for, and manage, wholesale customers.
Industry Landscape
The recent global financial crisis unleashed a whole new set of challenges for banks and financials for banks and financial institutions. The rising default and delinquency rates in mortgages and asset-based products put the spotlight back on improving the profitability, shareholder value and building a quality book of assets. The consolidation of portfolios due to mergers and acquisitions led to a fragmented technology space, with different solutions often providing similar business features. In addition, the tightening compliance and regulatory framework spurred banks to frequently change their business processes, standard operating procedures and MIS reporting systems.
The Opportunity
The client faced twin challenges of managing profitable growth and improving business process management in line with changing regulatory requirements. Also, the legacy technology platform could not be scaled up to hasten the time-to-market of its products.
The key challenges were:
Presented with these challenges, Wipro engaged with the client to bring the maintenance of the loan origination team under the direct control of the line-of-business personnel.
Wipro replaced the customer's legacy loan origination system with its proprietary NetOxygen solution, enabling faster time-to-market and customization of their products and services.
Solution
Wipro Gallagher Solution (WGS) studied the client's business processes, roadmaps, regulatory requirements and legacy systems. Our subject matter experts (SME) and architects conducted joint discussions with the customer's lines of businesses, SMEs and technology teams to create a cohesive solution.
The team proposed the implementation of NetOxygen, an enterprise loan origination solution that provides a distinctive edge to the client’s financial products. The WGS team engaged with the client at various levels while implementing NetOxygen. The consultative approach to problem solving and solution design enabled the customer to leverage WGS' expertise in mortgage banking.
Business Impact
The secondary marketing department (in the case of base and adjusted pricing) and the operations department (in the case of fees and mortgage insurance) benefitted from the new functionalities. NetOxygen users are able to access and manage current and accurate loan pricing at all times.
Other business benefits include: