Wipro Gallagher Solutions (WGS), a Wipro Limited company and provider of loan origination software solutions, and ComplianceEase, a provider of automated compliance solutions, have enhanced the integration between ComplianceAnalyzer and Wipro Gallagher Solutions’ NetOxygen loan origination system (LOS) to allow Wipro users to include the per diem interest compliance tests results on their audit reports.
The California Per Diem Interest Test in ComplianceAnalyzer audits a lender’s calculation for the maximum allowable amount of per diem interest that may be charged (or the minimum amount of interest to be credited). Based on when the loan closes, the test will provide a “pass,” “fail,” or “not tested” (typically due to lack of data) result. The new functionality is automatically applied based on a lender’s license type held in California to originate mortgages.
“Violating California’s rules for per diem interest is one of the most common and costly violations that lenders are penalized for. In fact, per diem interest violations against four top non-bank lenders totaled $13.3 million in the past 20 months,” says John Vong, president of ComplianceEase, in a release. “Having an updated ComplianceAnalyzer integration that automatically checks for per diem violations allows lenders to confidently originate compliant loans.”
“Our top priority is always to equip our clients with the best tools available to help them close loans as quickly and efficiently as possible,” adds Scott Dunn, head of product management, strategy and compliance at Wipro Gallagher Solutions. “Our updated integration with ComplianceAnalyzer will give our lender clients the ability to seamlessly test their documents and avoid costly violations.”
