Mortgage Guaranty Insurance Corporation (MGIC) has announced the availability of mortgage insurance (MI) rate quotes to lenders through the product and pricing engine piece of MarksmanLMP, from Mortech Inc. The integration marks the first of a series of interfaces, with eligibility and MI-ordering forthcoming. MarksmanLMP's mortgage insurance function is set up to automatically trigger when a loan scenario exceeds the 80 percent loan-to-value (LTV) threshold.
"Seamless access to MGIC's competitive mortgage insurance rates through MarksmanLMP enables our customers to streamline their loan origination processes," said Sal Miosi, vice president of marketing at MGIC. "MGIC's partnership with Mortech is another example of our commitment to providing our customers with efficient technology."
The MISMO-based integration allows MarksmanLMP users to seamlessly check MGIC's pricing without having to leave the platform. Lenders receive initial mortgage insurance rate quotes at the corporate and/or branch levels that can be dynamically adjusted according to specific loan scenarios. This fully automated two-way exchange of data provides mortgage lenders with a more efficient lending strategy, which enables a faster loan closing process and increased profitability.
"Automating more of the process of originating a loan is critical to making the loan officer of the future more efficient and effective, for both the mortgage company and the homeowner," said Don Kracl, president of Mortech. "We are very proud of the work we have accomplished in conjunction with MGIC. This is another step forward for the industry and one less thing loan officers need to worry about as they go about the business of serving American borrowers."
