National Mortgage Insurance Corporation (National MI), a subsidiary of NMI Holdings Inc., has announced that lenders using Tavant VELOX’s FinConnect integration platform for the financial services industry can now access Rate GPS, National MI’s unique risk-based pricing tool, when pricing private mortgage insurance products.
The FinConnect intelligent data and services hub connects more than 120 product and service providers in the mortgage production cycle to provide lenders with a completely digital mortgage production experience. Over the past few months, Tavant and National MI collaborated to build new features within FinConnect’s private mortgage insurance rate connector that support risk-based mortgage insurance pricing.
As a result, lenders using FinConnect can now access Rate GPS, National MI’s risk-based pricing platform, which assesses a variety of loan characteristics to more closely align National MI’s premium rates to the risk associated with individual loans.
“National MI is very pleased that Rate GPS is now an option for lenders on the FinConnect platform, which gives lenders a seamless, digital experience when pricing mortgage insurance,” said Mike Dirrane, chief sales officer and senior managing director with National MI. “By having access to risk-based pricing through FinConnect, lenders have even greater opportunities to save time and money in the loan origination process.”
Mohammad Rashid, vice president, head of consumer lending and capital markets practice for Tavant, said: “National MI’s products and first-class technical talent have made them a perfect partner with which to work. Adding its groundbreaking Rate GPS to FinConnect gives our clients more private mortgage insurance options than ever, while helping them further reduce loan production costs. We are delighted to be working together.”