Corporate Profile -- A Q&A With Metavante Lending Solutions -- October 2007 (Also appearing in the MBA Tech NewsLink)
In the middle of this market correction, we often forget that there are companies who have witnessed several mortgage cycles. One of these organizations, Metavante Lending Solutions, has continued to grow and expand using the industry lessons learned it has gained over 20 years of operation.
I discussed these lessons and market differentiators with Metavante’s President, Cy Brinn, in an effort to gain their practical market advice.
Dangelo: “What are the key imperatives that organizational executives should have on the top of their lists when examining their front and back-office operations after a year of market uncertainty and turmoil?”
Brinn: “Lender’s will do well to deploy proven solutions that can be implemented quickly and make an immediate impact of the efficiency and effectiveness of the lender’s business. Decisioning technology will continue to enable smart lenders to keep loans that don’t meet credit and other guidelines out of the pipeline and off the books.”
Dangelo: “What key success stories and examples can you share with the readers that demonstrate the implementation of your corporate offerings?”
Brinn: “Cornerstone Mortgage has been using our Mortgage LOS (desktop and online versions) for quite a few years now with great success. They are also using our imaging tool, Loanportal system, Workshop tool with Datasync and Filesync and our Microsoft Sequel analytics software for Broker reports.
Since potential customers are continually bombarded with slogans and messages across numerous communication mediums, what should they use to distinguish your company from competitors? Metavante Lending Solutions is a company that has been providing loan origination solutions that make a meaningful positive impact on lenders’ business effectiveness and efficiency for twenty years. Our decisioning technology enables our clients to outperform their competitors with instant eligibility and pricing decisions at the point of sale. Our software can be deployed quickly and provide substantial benefits for years to come.”
Dangelo: “What are the top two lessons learned that your organization has experienced since the start of 2007 and how can mortgage decision makers take advantage of this experiential learning?”
Brinn: “First, use the incremental approach to customizing software. We strongly encourage clients not to get too far ahead of themselves with customized software. Pick a few areas to automate, implement the automation, get it running smoothly then move on to the next batch of automation items. Lenders that try to design the “Z state” before they have the basics fully operational almost always fail.
Secondly, before making a decision to buy a new system, go and see all proposed systems in full operation at a few locations. There is a lot of hype about futures, new capabilities, tool kits, etc. Much of the underlying technology is unproven and not yet in production. If you can’t see it in operation today there is a good chance it won’t be working in your lending business anytime soon or ever!”
Dangelo: “With sophisticated technological offerings becoming more commonplace in the mortgage industry, what are the hidden barriers that organizations should prepare for and how can your company help them achieve a faster-time-to-market?”
Brinn: “Structure deployment projects in phases. Get the off the shelf system deployed first for a pilot group of users. Fully roll out the base system to all users. Next take the incremental approach to achieving the next level of automation, be it automated workflow, decisioning, etc. Involve representatives from all areas of your lending business in the review, selection and customization process.”
Dangelo: “What advice can you offer firms struggling with ‘where to begin’ when considering a solution partner and the adoption of new systems, operational processes, or enterprise data integration?”
Brinn: “Entrust your project to someone with a good bit of both common and business sense. Do a lot of research by talking to vendors and lenders. Don’t let yourself get bamboozled by techno-babble. Ask people to explain features and benefits is layman’s terms. Once you have decided on a handful of solutions and providers that may meet your needs, spend the money to visit with lenders’ already using the products. Allocate an ample amount of staff time. Get and keep executive management involved. Set realistic goals and budgets for the project(s).”
Metavante Lending Solutions -- “At a Glance”
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Metavante Lending Solutions |
Number of Personnel |
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198 |
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172 |
Key Mortgage Competencies, Products, and Services: |
Metavante Lending Solutions’ Point-of-Sale Solutions, Loan Origination Systems, and Business Process Management Applications enable lenders to significantly reduce both the cost and the time required to originate, process, and close loans. Metavante Lending Solutions products create efficiencies that will increase loan capacity, enhance customer service and increase profits. |
List of Representative Clients: |
SunTrust, Chevy Chase Bank, US Bank, Alaska USA FCU, Washington Trust |
Corporate Description: |
Metavante Lending Solutions provides technology and service solutions for mortgage, home equity, consumer and indirect retail finance loan origination. Lending solutions are provided for point-of-sale origination, processing, closing, automated underwriting, decision, and business process management, as well as processing, settlement and document generation services. Metavante Lending Solutions helps clients of all sizes, from community banks to the top financial institutions in North America, including six of the top 20 U.S. mortgage lenders. |
Key Locations and Centers of Operation: |
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Planned Exhibition Events: |
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Key Contact Information: |
Cyrus Brinn, President of Metavante Lending Solutions |
Key Corporate Executives: |
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Competitive Differentiators: |
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Key Acknowledgements / Awards: |
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For 2008 MBA entries, click here