News
October 20 , 2008
Metavante Offers Technology Support for
New FHA Government Loan Requirements
MILWAUKEE, October 20, 2008 – Metavante (NYSE: MV), a leading provider of banking and
payments technology, today announced that Metavante Corporation now offers support for new
FHA compliance regulations enabling lenders to take advantage of this significant business
opportunity. According to the Federal Housing Administration (FHA), twice as many people with
subprime loans are refinancing into government-insured FHA mortgage loans – these types of
loans are also ideal for first time home buyers and those who may have less than perfect credit.
“Lenders can capitalize on the resurgence of FHA loans in the marketplace provided they have
support from their technology vendor to meet newer and more stringent compliance
requirements,” said Cy Brinn, president of Metavante Lending Solutions. “Metavante’s timely
FHA updates are designed to provide automated origination capabilities to mitigate risk and
provide additional operational efficiencies for FHA loan originators. For the past 10 years,
Metavante’s mortgage Loan Origination Studio (LOS) has supported its clients in handling a
significant volume of FHA loans in accordance with applicable government regulations.”
Metavante’s LOS supports the FHA Loan Transmittal, the Maximum Mortgage Worksheet for
203k and 203k Streamline loans and the Mortgage Credit Analysis Worksheets (MCAW-PUR
for purchases and MCAW-W/S for refinances). Metavante’s LOS also supports key components
of the FHA Modernization Act of the Housing and Economic Recovery Act of 2008 (HERA), as
well as the minimum cash investment requirement and maximum combined loan-to-value
(CLTV) changes.
According to Tammy Pullen, vice president at Cornerstone Mortgage, “Metavante's LOS
provides us with the platform to take our government loans from application through funding and
beyond to insuring and loan guaranty.”
“Our goal is to assist lenders with the increased demands of FHA underwriting by providing
updated compliance tools and documentation necessary to make it a viable revenue stream in
an increasingly challenging mortgage industry,” stated Brinn. “The new FHA lending programs
present an excellent opportunity for banks to drive new loan volume.”
About Metavante
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 is a registered trademark of Metavante Corporation.
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