Arch MI Releases New Risk-Based RateStar Pricing Program
Arch Mortgage Insurance Company (Arch MI), a wholly-owned subsidiary of Arch Capital Group Ltd., has introduced Arch MI RateStar, the company’s new risk-based pricing program. RateStar uses a combination of loan characteristics and other risk factors to determine the most precise premium rate for each loan.
“Since its inception, Arch MI has encouraged its customers to expect more from mortgage insurance providers as we established our reputation for new and innovative product offerings,” said David Gansberg, president and chief executive officer of Arch Mortgage Insurance Company. “Today, Arch MI continues down the path of innovation and product development with the introduction of RateStar—our new risk-based program for pricing mortgage insurance coverage. We are excited to introduce RateStar. This innovative and dynamic solution will bring a wide range of benefits to loan originators and their customers. RateStar provides a more targeted approach than the conventional rate sheets used for decades in the industry. Instead of loans being grouped in large risk buckets, each loan will be priced based on its individual risk attributes.”
With RateStar, lenders can compete more effectively, seek out fresh opportunities and open up new markets.
“RateStar will not require any new data attributes so the transition to RateStar will be seamless and easy for lenders,” said Gansberg. “With its intuitive design and ready access, our customers will find RateStar is an easy-to-use tool to access competitive mortgage insurance rates.”
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