Milwaukee-based Metavante Corp., a subsidiary of Marshall & Ilsley Corp., has announced the selection of its mortgage loan origination system (MLOS) and licensing of its Internet-direct product by Washington Trust Bank.
Washington Trust, headquartered in Spokane, Wash., is the largest privately owned bank in the Northwest, with $3.2 billion in assets. Metavante's MLOS system has an existing interface to Metavante's IBS core banking platform, enabling Washington Trust to access existing customer relationship data. The bank will use the Internet-direct product – a secure Web site that allows borrowers to complete both mini and full online loan applications and lead forms – as a private-labeled customer-facing mortgage origination site.
Washington Trust users will have access to Metavante's decision engine feature that provides pricing and eligibility decisions at the point of sale.