FRANKLIN, Tenn., Dec. 6, 2010 – Franklin, Tenn.-based Wipro Gallagher Solutions (WGS), a provider of cost-effective, end-to-end loan origination software and services for financial organizations, announced that it now serves credit unions through its NetOxygen cloud-based loan origination system (LOS).

The LOS covers every step of the lending process for credit unions, including point of sale, processing, marketing, closing, underwriting, funding and post-closing. Its streamlined workflow and interface guides the user through every step of the process through its automated business rules and management features, including support for virtually any lending product originated through any channel. Additionally, NetOxygen can provide seamless exchange of data with core platforms to further automate the lending process for credit union members based on their current standing and risk profile.

In addition, the system’s pre-configured vendor ecosystem automatically incorporates all necessary third-party services providers and their offerings, including flood, credit checks, appraisals, valuation, compliance, insurance, automated underwriting, etc.

WGS hosts NetOxygen in a SAS 70 certified data center, which means there is no costly hardware to buy or elaborate network architectures to maintain. This enables credit unions to save money on personnel, hardware, licensing and maintenance overhead.

In addition, NetOxygen’s pay-as-you-go transactional cost model enables credit unions to pay only for what they use, eliminating both the risk of ramping up to do loan originations and the risk associated with volume fluctuations.

“Wipro Gallagher Solutions has broadened its product offering to meet the need of credit unions for an LOS that further boosts efficiencies and enables them to expand their own service to members,” said Anil Raibagi, business head for WGS. “Credit unions can now benefit from the fully hosted and managed LOS to ensure efficiency and compliance in workflow processes, safety and security and support for all types of lending within an integrated vendor ecosystem.”