Metavante Corporation, the financial technology subsidiary of Marshall & Ilsley Corporation (NYSE:MI), today announced that WSFS Bank has extended its relationship with Metavante by licensing its Web-based Loan Origination Studio (LOS), Point-of-Sale (POS) origination systems for Consumer Direct and Wholesale Origination, the Enterprise Reporting System and its integrated third-party services platform, Loanportal.
WSFS Bank, a Metavante client, selected both the online POS and LOS solutions for origination, processing and closing from Metavante's GHR Systems, Inc. WSFS will use the POS solutions for its retail and wholesale mortgage originations, and loan applications will be processed through the LOS platform. GHR's LOS provides significant increases in efficiency for lenders by combining a single, central database with comprehensive loan processing capabilities, including business process management automation, service ordering and the ease of moving data and documents from the point-of-sale to closing.
"We selected GHR because their solutions will provide us with the functionality and scalability that we need to achieve our corporate goals," said Deborah T. Roberts, senior vice-president of Consumer Lending at WSFS Bank. "GHR's technology will help us to automate our entire mortgage operation and significantly reduce processing time."
With GHR's Consumer Direct Website, WSFS and its retail banking customers will have access to a fully-secured, private-labeled website that provides self-service mortgage origination capabilities to consumers directly via the Internet. Consumer Direct combines customer support tools, on-site resources and relationship management services that help lenders reduce origination costs while improving customer satisfaction and retention.
GHR's Wholesale Origination Website is a comprehensive, interactive and secure, broker-centric system designed to provide self-service for the WSFS wholesale broker community. Brokers can efficiently submit and manage an entire pipeline of loans while viewing real-time loan status information, conditions and loan notes directly from GHR's LOS product.
The Enterprise Reporting System (ERS) solution extracts data from GHR and non-GHR systems to instantly create dynamic, customized reports with unlimited research capabilities and graphical presentation. GHR's ERS will enable WSFS to access, filter and modify the layout of information in real-time, providing managers with a powerful and flexible reporting capability.
Loanportal is GHR's centralized web-based transaction gateway that offers WSFS Bank access to third-party services such as credit reports, flood certifications, title orders, Automated Property Valuations (AVM) and full appraisals, as well as secondary market investor automated underwriting systems.
"Being able to provide a comprehensive LOS that is integrated with Metavante's Integrated Banking system will provide WSFS, as well as its consumer and broker customers with considerable operational efficiencies," said Cy Brinn, president of GHR Systems. "We look forward to being a vital part of the company's continued growth."