PyraMax Bank has selected payments technology provider Metavante’s mortgage and consumer loan origination studio products, in addition to licensing its internet direct service.
PyraMax Bank will deploy Metavante’s web-based consumer and mortgage loan origination studio (LOS) products in conjunction with its internet direct to upgrade its entire loan origination platform.
Metavante’s origination technology also interfaces with the Metavante core banking application 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 services 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, said Metavante.
Rick Hurd, CEO of PyraMax Bank, said: 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. 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.
Cy Brinn, president of lending solutions at Metavante, said: 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. 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.