Washington Trust signs for Metavante's loan origination system

Washington Trust is the largest privately owned bank in the Northwest with $3.2 billion in assets.

Washington Trust is using the Web-based, MLOS solution that will streamline the mortgage loan origination process. Metavante's MLOS system has an existing interface to Metavante's IBS core banking platform enabling Washington Trust to access existing customer relationship data when creating new loan applications and uploading closed loan data to the core system for booking. Washington Trust can use this feature to improve service quality and customer satisfaction.

Washington Trust users will also have access to Metavante's Decision Engine feature that provides pricing and eligibility decisions at the point of sale. Lenders like Washington Trust can use the Decision Engine to find a loan product that meets the borrowers' objectives and credit profile during the initial application process. This also better enables the lender to avoid spending time and money reviewing loan applications that will not pass underwriting requirements.

In addition to MLOS, Washington Trust will also implement Metavante's Internet Direct Mortgage Origination Website. Washington Trust will use the Internet Direct product as a private-labeled customer-facing mortgage origination site. Metavante's Internet Direct product is a secure Website that allows borrowers to complete both mini and full online loan applications and lead forms that are then electronically submitted to a lender's originator network and processing operation.

"We were looking for a vendor who could deliver mortgage technology across multiple channels and provide integration into our (Metavante) core banking solution," said Sharry Ditzler, vice president and director of Application Management at Washington Trust Bank. "We also liked that Metavante's Internet Direct product can be used in branches as a kiosk in addition to an online mortgage origination system. We chose to further develop our relationship with Metaaavante because we believe that their innovative solutions and integrated offering will significantly increase efficiencies in our mortgage origination process and improve customer satisfaction.

"Metavante Lending Solutions will provide Washington Trust with a versatile mortgage lending solution across multiple channels that is integrated with the Metavante core banking platform," said Cy Brinn, president of Metavante Lending Solutions. "Washington Trust will now be able to rapidly change point-of-sale eligibility decisioning and pricing to respond to the very dynamic market conditions lenders are facing today by reducing the time and cost required to originate a mortgage loan. Through this expansion of our relationship, Washington Trust is now in an even better competitive position with a mortgage origination platform that can meet the needs of both traditional and internet savvy customers while ensuring its credit policy requirements are utilized enterprisewide."