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PyraMax Bank chooses Metavante loan origination technology

03 November 2008  |  5700 views  |  0 Source: Metavante

Metavante (NYSE:MV), a leading provider of banking and payments technology, today announced that PyraMax Bank has selected Metavante Corporation's mortgage and consumer Loan Origination Studio (LOS) products, in addition to licensing its Internet Direct solution.

PyraMax Bank, based in Greenfield, Wis., operates eight branch locations and has $531 million in assets.

PyraMax Bank will deploy Metavante's Web-based consumer and mortgage LOS products in conjunction with its Internet Direct solution to upgrade its entire loan origination platform. Metavante's origination technology also interfaces with the Metavante core banking solution it already provides to PyraMax, which helps improve efficiencies throughout the entire origination process, including submitting closed loan data for booking. Metavante's LOS and Internet Direct solutions feature automated decisioning and a product and pricing eligibility engine that will help PyraMax match loan products to borrower requirements during traditional and electronic mortgage and consumer applications.

"In today's competitive lending environment our loan officers needed application software that provided access to our core banking solution, as well as a product and pricing engine to automate our portfolio credit policy - Metavante was one of the only vendors that could offer us an integrated technology platform," said PyraMax's Chief Executive Officer Rick Hurd. "PyraMax will benefit from having an enterprise-wide point-of-sale solution that loan officers, borrowers and branch personnel can use to generate mortgage applications and all but eliminate errors. Our goal is to continue to grow and remain profitable - we believe that expanding our relationship with Metavante will continue to help this effort."

"We believe that in today's market it is imperative for mortgage lenders to implement technology that can help to make them more productive and responsive to borrower needs," said Cy Brinn, president of Metavante Lending Solutions. "Our LOS and Internet Direct technology will support PyraMax's existing loan origination business and add a Web-based origination component that will increase their competitive advantage and cost-efficiency."

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