Metavante Corporation, the banking and payments technology subsidiary of Marshall & Ilsley Corporation (NYSE: MI), today announced that Platinum Home Mortgage, based in Rolling Meadows, Ill., is upgrading to Metavante's online Mortgage Loan Origination Studio (MLOS) Software.
Platinum will use Metavante's online, integrated end-to-end MLOS system for origination, processing, underwriting and closing functions. The Web-based technology will be available to Platinum users, delivering flexible access from anywhere using an Internet connection. Metavante's MLOS software helps companies eliminate the high cost of distributing and maintaining desktop software on its originators computers and helps reduce the risk associated with applications installed on laptops.
In addition, Platinum will benefit from new features in the system, including Metavante's integrated decision engine that quickly provides information to loan officers about product eligibility, pricing, underwriting conditions, documents and fees. Platinum's users will also have access to integrated ad-hoc reporting and access to fraud and high-cost loan detection services through Metavante's Loanportal platform, all of which can greatly improve the borrower's experience, loan officer efficiency and pull through rates.
"We were interested in moving to a Web-based mortgage LOS to improve loan officer productivity and increase sales, while reducing the cost of maintaining client server software on our employees' desktops," said Bill Giambrone, president of Platinum Home Mortgage Company. "Before making the decision to upgrade to Metavante's online technology, we evaluated our options in the marketplace and found their solution to be one of the most feature-rich, browser-based applications available. We have been a Metavante client since 2002 and their ability to offer a scalable online solution that provides improved data integrity and a significant reduction in maintenance costs was an important factor in our decision-making process."
"Platinum's choice to migrate to our online MLOS application will enable the realization of the following benefits; automated decisioning at the point-of-sale, centralized pipeline data security, the ability for loan officers and other users to work from home via cellular modem connections and anywhere else they can access the Web," said Cy Brinn, president of Metavante Lending Solutions. "By upgrading from our desktop version, Platinum will also be able to significantly reduce software distribution and maintenance costs including eliminating the need for client-side software. Our goal is to provide lenders like Platinum with an efficient and more functional loan origination system that can make them more profitable and give them a competitive advantage in the industry," Brinn added.