News
September 27, 2007
Washington Trust Bank Selects Metavante Mortgage Loan Origination Technology
Existing Metavante Customer Expands Relationship to Streamline Mortgage Loan Origination Process
MILWAUKEE, Sept. 27, 2007 – Metavante Corporation, the banking and payments technology subsidiary of Marshall & Ilsley Corporation (NYSE: MI), today announced that Washington Trust Bank has selected Metavante’s Mortgage Loan Origination System (MLOS), and has also licensed Metavante’s Internet Direct product. Washington Trust is the largest privately owned bank in the Northwest with $3.2 billion in assets.
Washington Trust is using the Web-based, MLOS solution that will streamline the mortgage loan origination process. Metavante’s MLOS system has an existing interface to Metavante’s IBS core banking platform enabling Washington Trust to access existing customer relationship data when creating new loan applications and uploading closed loan data to the core system for booking. Washington Trust can use this feature to improve service quality and customer satisfaction.
Washington Trust users will also have access to Metavante’s Decision Engine feature that provides pricing and eligibility decisions at the point of sale. Lenders like Washington Trust can use the Decision Engine to find a loan product that meets the borrowers’ objectives and credit profile during the initial application process. This also better enables the lender to avoid spending time and money reviewing loan applications that will not pass underwriting requirements.
In addition to MLOS, Washington Trust will also implement Metavante’s Internet Direct Mortgage Origination Website. Washington Trust will use the Internet Direct product as a private-labeled customer-facing mortgage origination site. Metavante’s Internet Direct product is a secure Website that allows borrowers to complete both mini and full online loan applications and lead forms that are then electronically submitted to a lender’s originator network and processing operation.
“We were looking for a vendor who could deliver mortgage technology across multiple channels and provide integration into our (Metavante) core banking solution,” said Sharry Ditzler, vice president and director of Application Management at Washington Trust Bank. “We also liked that Metavante’s Internet Direct product can be used in branches as a kiosk in addition to an online mortgage origination system. We chose to further develop our relationship with Metavante because we believe that their innovative solutions and integrated offering will significantly increase efficiencies in our mortgage origination process and improve customer satisfaction.”
“Metavante Lending Solutions will provide Washington Trust with a versatile mortgage lending solution across multiple channels that is integrated with the Metavante core banking platform,” said Cy Brinn, president of Metavante Lending Solutions. “Washington Trust will now be able to rapidly change point-of-sale eligibility decisioning and pricing to respond to the very dynamic market conditions lenders are facing today by reducing the time and cost required to originate a mortgage loan. Through this expansion of our relationship, Washington Trust is now in an even better competitive position with a mortgage origination platform that can meet the needs of both traditional and internet savvy customers while ensuring its credit policy requirements are utilized enterprise wide.”
Metavante Lending Solutions provides technology and service solutions for mortgage, home equity, consumer and indirect retail finance loan origination. Lending solutions are provided for point-of-sale origination, processing, closing, automated underwriting, decisioning, and business process management, as well as processing, settlement and document generation services. Metavante Lending Solutions helps clients of all sizes, from community banks to the top financial institutions in North America, including six of the top 20 U.S. mortgage lenders.
About Washington Trust Bank
Washington Trust Bank, a subsidiary of W.T.B. Financial Corp. is the largest privately owned commercial bank in the Northwest with $3.2 billion in assets. Washington Trust, headquartered in Spokane, Wash., offers commercial banking, private banking, real estate banking, cash management, and trust and wealth management, among other services. Washington Trust has served the Northwest region since 1902 and has offices in Washington, Idaho, Oregon and Utah.
About Metavante
Metavante Corporation delivers banking and payments technologies to financial services firms and businesses worldwide. Metavante products and services drive account processing for deposit, loan and trust systems, image-based and conventional check processing, electronic funds transfer, consumer healthcare payments, electronic presentment and payment, and business transformation services. Headquartered in Milwaukee, Metavante (www.metavante.com) is wholly owned by Marshall & Ilsley Corporation (NYSE: MI). On April 3, 2007, Marshall & Ilsley Corporation announced its plans to split Metavante Corporation and Marshall & Ilsley Corporation into independent publicly traded companies.
Metavante is a registered trademark of Metavante Corporation.
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