SunTrust Mortgage (Richmond, Va.), a subsidiary of SunTrust Banks (Atlanta), has deployed the online point-of-sale technology by Metavante (Milwaukee, Wis.) in its retail and third-party mortgage operations.
Metavante's origination platform is designed to provide lenders with a comprehensive, interactive and secure system to offer 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. SunTrust Mortgage can provide customized, risk-adjusted pricing using the Metavante service. The solution also provides integrated access to processing services and automatically generates rate sheets from the lender's stored product guidelines.
Additionally, SunTrust Mortgage is using Metavante's fee module as part of its retail fee management system, enabling the lender to generate specific fee disclosures. Metavante is also providing Federal Housing Administration/Veteran's Administration lending capabilities for SunTrust Mortgage to support its goal of growing its 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, said in a statement. "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."