Metavante Corporation, the banking and payments technology subsidiary of Marshall & Ilsley Corporation (NYSE: MI), today introduced a new product, the Consumer Loan Origination System (CLOS).
The new CLOS enables lenders to support all of their consumer and personal loans on one integrated platform. The CLOS is a licensed solution that supports a wide array of loan types - including Home Equity, HELOC (home equity lines of credit), auto, recreational vehicle, secured and unsecured.
The CLOS is a web-based, stand-alone solution that streamlines consumer loan processing by accessing customer relationship data from a lender's core banking system and additional data from external sources, such as credit bureaus. The system then incorporates credit policy and business rules to generate consistent, fast and accurate decisions on borrower applications. The product is designed for lenders to increase their loan origination capacity, efficiency and profitability, while significantly reducing operational costs.
The CLOS also works in tandem with Metavante's Mortgage LOS. Both products are provided as licensed solutions by GHR Systems, Inc., a Metavante Lending Solution. Clients that use both products obtain an integrated single platform to support their entire mortgage and consumer loan origination business. Clients can install and host the software application on their own computer servers or have GHR host the application.
A variety of interfaces are available with the CLOS, including a two-way interface to Metavante's Bankway software and a connection to Metavante's TREEV image management systems. Other available interfaces include credit reporting, VMP loan documents, FannieMae's DU, FreddieMac's LP, Sherman's credit insurance service, home equity origination and settlement services including AVM, appraisal, flood and title insurance, Swiftsend's secure document delivery and geo-coding.
"The CLOS provides lenders with comprehensive automated functionality for all types of consumer loans," said Cy Brinn, president of GHR Systems, a Metavante Lending Solution. "With CLOS, lenders will reduce the costs and turn-around time of the loan origination process, saving money and improving customer service levels. This product captures the loan information, calculates ratios, and evaluates the credit bureau automatically to make the decision process fast and consistent. CLOS is geared for lenders ranging from start-ups to lenders originating up to 1,000 consumer loans per month. Lenders using manual or semi-automated systems, and systems that are not web-based, will benefit from this system and gain additional efficiencies by being able to compute credit insurance calculations, automate decisioning and produce documents with CLOS," Brinn added.
The CLOS platform supports lenders originating loans centrally, via call centers, and from branch or remote offices.