Source: Metavante Corporation
Metavante Corporation, the banking and payments technology subsidiary of Marshall & Ilsley Corporation (NYSE: MI), today announced that Circle One Mortgage has licensed its complete Loan Origination Studio (LOS).
Circle One Mortgage will use the complete, integrated end-to-end LOS system from Metavante Lending Solutions for mortgage origination, processing, underwriting and closing. The LOS will be used by Circle One's loan officers, processors, closers and managers to decrease origination time and cost, while increasing borrower satisfaction and quality. Metavante's LOS also will enable Circle One to provide real-time product eligibility, pricing, and underwriting decisions at the point-of-sale. The integrated third-party service ordering will enable automatic and instant order of credit, automated underwriting, flood, appraisal and other services during the origination process.
"The key factors in selecting Metavante are advanced technology and cost effectiveness," said Gene Humphries, president of Circle One Mortgage. "The LOS will meet our immediate needs right out-of-the-box and combined with the Workshop toolkit utility, provides us with the ability to customize at will without the expense of costly software development."
"Our comprehensive, automated, online LOS will help improve efficiencies for Circle One Mortgage and since the technology is designed to scale, it can support the company as it continues to expand its mortgage operation," said Cy Brinn, president of GHR Systems, a Metavante Lending Solution. "We are pleased to work with Circle One and look forward to a long-term relationship through which we believe they should be able to significantly reduce their loan origination costs," Brinn added.