MILWAUKEE, March 17, 2008 – Metavante (NYSE:MV), a leading provider of banking and payments technology, today announced that Alaska USA Federal Credit Union (FCU) is in production with Metavante’s Loan Origination System (LOS) point-of-sale solution for its mortgage operations. Alaska USA FCU, headquartered in Anchorage, is one of the top 10 credit unions in the U.S. and the largest financial institution in Alaska with $2.8 billion in assets.
Alaska USA FCU is using the Web-based, LOS solution to automate its mortgage loan origination process. Metavante’s technology solution provides real-time product eligibility, pricing and underwriting decisions at the point-of-sale. Metavante’s integrated third-party platform also provides self-service capabilities—ordering credit, automated underwriting, flood insurance, appraisals and more.
“Metavante has enabled us to increase our production, lower our cost of origination and improve customer satisfaction,” said Kimberly Baker, senior vice president of Real Estate Lending at Alaska USA FCU. “Our originators have found Metavante’s LOS to be user-friendly and much quicker than our previous system and we believe that the technology will continue to provide us with critical gains in efficiency.”
“Alaska USA FCU is a great example of how credit unions can leverage their unique position to increase revenues by growing their mortgage origination business,” said Cy Brinn, president of Metavante Lending Solutions. “Our Web-based mortgage loan origination system has helped to provide the capabilities for Alaska USA FCU to standardize and automate processes that have reduced manual labor and improved loan production costs.”
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, decisioning, 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 five of the top 20 U.S. mortgage lenders.
About Alaska USA FCU
Alaska USA Federal Credit Union is a not-for-profit, member owned financial cooperative, with over 275,000 members worldwide and more than $2.8 billion in assets. The credit union has 46 branches in Alaska and Washington, many open seven days a week. Alaska USA also owns and operates three financial service subsidiaries: Alaska USA Mortgage Company, Alaska USA Trust Company and Alaska USA Insurance Brokers. The credit union also offers a full line of business services, including commercial lending, insurance, checking and depository options.
Metavante Technologies, Inc. (NYSE:MV) is the parent company of Metavante Corporation. Metavante Corporation delivers banking and payments technologies to over 8,000 financial services firms and businesses worldwide. Metavante products and services drive account processing for deposit, loan and trust systems, image-based and conventional check processing, electronic funds transfer, consumer healthcare payments, electronic presentment and payment, business transformation services, and payment network solutions including the NYCE Network, a leading ATM/PIN debit network. Metavante (www.metavante.com) is headquartered in Milwaukee.
Metavante and NYCE are registered trademarks of Metavante Corporation, which is the principal subsidiary of Metavante Technologies, Inc.