Metavante’s Web Based Technology Platform Deployed by SunTrust Mortgage to Help Enhance Quality of Mortgage Originations
July 15 2009 - 8:00AM
Business Wire
Metavante (NYSE:MV), a leading provider of banking and payments
technology, today announced that SunTrust Mortgage, Inc. has
successfully deployed Metavante Corporation�s online point-of-sale
(POS) technology in its retail and third-party mortgage operations.
Richmond, Va.-based SunTrust Mortgage is a wholly owned subsidiary
of Atlanta's SunTrust Banks, Inc.
SunTrust Mortgage is using Metavante�s origination platform, a
comprehensive, interactive and secure system designed to provide
improved loan quality controls for retail, correspondent and
wholesale mortgage lending channels. The Web-based system
incorporates Metavante�s automated decision engine which enables
retail loan officers, origination call centers, correspondent
lenders and mortgage brokers to instantly obtain information about
SunTrust Mortgage�s products including eligibility, pricing and
underwriting findings.
Metavante�s origination technology contains pricing
functionality that allows SunTrust Mortgage to provide customized,
risk-adjusted pricing in an increasingly complex mortgage
environment. The solution also provides integrated access to
processing services and automatically generates rate sheets from
the lender�s stored product guidelines.
Additionally, SunTrust Mortgage uses Metavante�s fee module as
part of its retail fee management system, enabling the lender to
generate specific fee disclosures. In addition, Metavante provides
FHA/VA (Federal Housing Administration/Veteran�s Administration)
lending capabilities for SunTrust Mortgage, to support their goal
of growing their government lending infrastructure.
�With Metavante�s origination platform we have an enhanced
ability to implement and adhere to investor guidelines and
risk-based pricing,� said Sterling Edmunds, president of SunTrust
Mortgage. �We are intensely focused on credit quality and the
overall quality of each loan file itself, especially since the
mortgage lending process has become increasingly more complex. By
pushing our rules to the point-of-sale we believe that we have
significantly improved the customer�s experience and are better
able to present the right product at the right price from the very
beginning of the application process.�
�SunTrust Mortgage is one of the premier mortgage lenders in the
U.S.,� said Jamie Geschke, president of Metavante Banking
Solutions. �SunTrust Mortgage desired one integrated, Web-based
origination platform for all of their mortgage origination
channels. Our origination solution supports the banks� requirements
including an integrated product eligibility, pricing and
underwriting conditions engine that empowers the user to offer
appropriate loan products and complete the application process in
much less time. Metavante�s origination technology is designed to
enable innovative lenders like SunTrust Mortgage to achieve growth
and an even higher level of operational efficiency.�
About SunTrust Banks, Inc and SunTrust Mortgage, Inc.
SunTrust Mortgage, Inc. is a wholly-owned subsidiary of SunTrust
Bank, one of the nation�s largest banking institutions, serving a
broad range of consumer, commercial, corporate, and institutional
clients. As of March 31, 2009, SunTrust had total assets of $179.1
billion and total deposits of $119.0 billion. Headquartered in
Richmond, VA, SunTrust Mortgage originates loans through 202
locations in SunTrust markets and adjacent states, maintains
correspondent and broker relationships in 49 states, and services
mortgage loans in 50 states and the District of Columbia. SunTrust
Mortgage�s internet address is www.suntrustmortgage.com.
About Metavante
Metavante Technologies, Inc. (NYSE:MV) is the parent company of
Metavante Corporation. Metavante Corporation delivers banking and
payments technologies to over 8,000 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,
outsourcing, and payment network solutions including the NYCE
Network, a leading ATM/PIN debit network. Metavante
(www.metavante.com) is headquartered in Milwaukee.
Metavante and NYCE are registered
trademarks of Metavante Corporation, which is the principal
subsidiary of Metavante Technologies, Inc.
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