Metavante Corporation, the banking and payments technology subsidiary of Marshall & Ilsley Corporation (NYSE: MI), today announced that Glenview State Bank has implemented Metavante's Consumer Loan Origination System (CLOS), and has also licensed Metavante's Mortgage Loan Origination Studio (MLOS) and Internet Direct products.
Glenview is an independently owned bank with just under $1 billion in assets, serving the north and northwest suburbs of Chicago.
Glenview is using the Web-based, CLOS solution that streamlines consumer loan processing and enables lenders to access customer relationship data from its core banking system and supplementary data from external sources, such as credit bureaus. This licensed solution also supports a variety of loans including Home Equity, HELOC (home equity lines of credit), auto, recreational vehicle, secured and unsecured.
Metavante's CLOS system is integrated with the Bankway software core banking platform enabling Glenview to access existing customer relationship data when creating a new loan application, and to upload the closed loan file to the core system for booking. This process can help Glenview save time and money and improve customer satisfaction and quality in the loan origination and booking processes.
In addition to CLOS, Glenview will also implement Metavante's MLOS on the same platform, and Metavante's Internet Direct Mortgage Origination Website. Having the consumer and mortgage solutions on one integrated platform eliminates the need for multiple installations and additional hardware to process both - benefiting back-office personnel who work on a variety of loan types. Metavante's Internet Direct product is a secured, private-labeled Website that allows borrowers to apply for loans online that are electronically submitted to a lender's back end.
"When we embarked on a search for new LOS technology, we needed to find a supplier who could deliver both mortgage and consumer origination products on one platform and also integrate into Metavante's core banking solutions," said Bill Campbell, executive vice president at Glenview State Bank. "We chose to further expand our relationship with Metavante because we believe that their integrated offering will continue to deliver value, enabling us to restructure our mortgage business and operate much more efficiently going forward."
"We expect that Glenview will be able to increase their loan volume and lower origination expenses, while increasing borrower satisfaction and overall process quality with our CLOS, MLOS and Internet Direct solutions," said Cy Brinn, president of Metavante Lending Solutions.
Metavante Lending Solutions provides technology and service solutions for mortgage, home equity, consumer and indirect retail finance loan origination. Lending solutions are provided for point-of-sale origination, processing, closing, automated underwriting, decisioning, and business process management, as well as processing, settlement and document generation services. Metavante Lending Solutions helps clients of all sizes, from community banks to the top financial institutions in North America, including six of the top 20 U.S. mortgage lenders.
Glenview also uses the following Metavante products: Bankway core banking software; electronic funds transfer (EFT) and card processing services, the NYCE Network, and image solutions.