Metavante (NYSE:MV), a leading provider of banking and payments technology, today announced that Alaska USA Federal Credit Union (FCU) is in production with Metavante's Loan Origination System (LOS) point-of-sale solution for its mortgage operations.
Alaska USA FCU, headquartered in Anchorage, is one of the top 10 credit unions in the U.S. and the largest financial institution in Alaska with $2.8 billion in assets.
Alaska USA FCU is using the Web-based, LOS solution to automate its mortgage loan origination process. Metavante's technology solution provides real-time product eligibility, pricing and underwriting decisions at the point-of-sale. Metavante's integrated third-party platform also provides self-service capabilities—ordering credit, automated underwriting, flood insurance, appraisals and more.
"Metavante has enabled us to increase our production, lower our cost of origination and improve customer satisfaction," said Kimberly Baker, senior vice president of Real Estate Lending at Alaska USA FCU. "Our originators have found Metavante's LOS to be user-friendly and much quicker than our previous system and we believe that the technology will continue to provide us with critical gains in efficiency."
"Alaska USA FCU is a great example of how credit unions can leverage their unique position to increase revenues by growing their mortgage origination business," said Cy Brinn, president of Metavante Lending Solutions. "Our Web-based mortgage loan origination system has helped to provide the capabilities for Alaska USA FCU to standardize and automate processes that have reduced manual labor and improved loan production costs."