Metavante (NYSE:MV), a leading provider of banking and payments technology, today announced that SunTrust Mortgage, Inc. has successfully deployed Metavante Corporation's online point-of-sale (POS) technology in its retail and third-party mortgage operations.
Richmond, Va.-based SunTrust Mortgage is a wholly owned subsidiary of Atlanta's SunTrust Banks, Inc.
SunTrust Mortgage is using Metavante's origination platform, a comprehensive, interactive and secure system designed to provide improved loan quality controls for retail, correspondent and wholesale mortgage lending channels. The Web-based system incorporates Metavante's automated decision engine which enables retail loan officers, origination call centers, correspondent lenders and mortgage brokers to instantly obtain information about SunTrust Mortgage's products including eligibility, pricing and underwriting findings.
Metavante's origination technology contains pricing functionality that allows SunTrust Mortgage to provide customized, risk-adjusted pricing in an increasingly complex mortgage environment. The solution also provides integrated access to processing services and automatically generates rate sheets from the lender's stored product guidelines.
Additionally, SunTrust Mortgage uses Metavante's fee module as part of its retail fee management system, enabling the lender to generate specific fee disclosures. In addition, Metavante provides FHA/VA (Federal Housing Administration/Veteran's Administration) lending capabilities for SunTrust Mortgage, to support their goal of growing their government lending infrastructure.
"With Metavante's origination platform we have an enhanced ability to implement and adhere to investor guidelines and risk-based pricing," said Sterling Edmunds, president of SunTrust Mortgage. "We are intensely focused on credit quality and the overall quality of each loan file itself, especially since the mortgage lending process has become increasingly more complex. By pushing our rules to the point-of-sale we believe that we have significantly improved the customer's experience and are better able to present the right product at the right price from the very beginning of the application process."
"SunTrust Mortgage is one of the premier mortgage lenders in the U.S.," said Jamie Geschke, president of Metavante Banking Solutions. "SunTrust Mortgage desired one integrated, Web-based origination platform for all of their mortgage origination channels. Our origination solution supports the banks' requirements including an integrated product eligibility, pricing and underwriting conditions engine that empowers the user to offer appropriate loan products and complete the application process in much less time. Metavante's origination technology is designed to enable innovative lenders like SunTrust Mortgage to achieve growth and an even higher level of operational efficiency."