Metavante Corporation, the banking and payments technology subsidiary of Marshall & Ilsley Corporation (NYSE:MI), today announced that it has signed an agreement with AFC First Financial Corporation (AFC) to provide a Web-based consumer loan origination solution for its residential HVAC and energy-efficiency home improvement loan programs.
AFC First Financial Corporation, a Lehigh Valley, Penn.-based private financial institution, will use CreditWorx, a complete point-of-sale (POS) loan origination solution, to provide quick financing decisions, improve origination efficiencies and contribute to AFC's expanding consumer loan programs. Additional features and benefits include the ability to integrate extended warranty and service contracts easily at the POS, automated document preparation and call center support.
Pending regulatory approvals, AFC will shortly be expanding to a national footprint in energy efficiency lending by becoming part of Great Bear Bank, a new community bank in organization in eastern Pennsylvania.
"By joining forces with Metavante, one of the leading experts in executing indirect lending in vendor financing programs, we expect to significantly grow our consumer lending business," said Peter J. Krajsa, AFC's chairman and chief executive officer. "The combination of CreditWorx and AFC's expertise in energy efficiency consumer lending will allow us to more rapidly expand our programs, increase the level of service to our dealer, manufacturer and governmental partners and help to put us on the forefront of energy-efficiency lending."
"Our CreditWorx solution will provide AFC with a single, enterprise-wide platform for its consumer loan origination process," said Rick Arends, executive vice president of Metavante Lending Solutions' Retail Finance unit. "The technology is designed for information application processing, automated and manual decisioning and documentation preparation. We welcome AFC to Metavante Lending's growing community of North American clients, which include five of the top power sports recreational manufacturers in the world and six of the top 20 U.S. Mortgage lenders."
Metavante Lending Solutions is a leading provider of lending automation technology and services for the consumer, residential mortgage and small business industries. The Retail Finance Solutions business unit of Metavante Lending Solutions' provides point-of-sale loan origination solutions for lenders, manufacturers, distributors and retailers.