PMI Rate Pro Launched to Streamline MI Quotes
February 4, 2020
Two Kansas City mortgage loan officers, Nomi Smith and Luke Landau, have formed PMI Rate Pro, and launched a software platform that enables loan officers to identify the most affordable private mortgage insurance (PMI) rates available. The software cuts the time required to quote the cost of PMI–typically required when a buyer puts down less than 20 percent of a home’s purchase price–and ensures mortgage officers find the lowest rates for homebuyers.
Due to a lack of time and transparency with the process, fewer than five percent of LOs compare more than three providers for the most affordable mortgage insurance options available. As a result, homebuyers often pay more for PMI than necessary. The PMI Rate Pro software allows LOs to access results from all six national PMI providers in seconds, helping them save clients an average of $25 per month and $3,000 per loan.
“For many first- and second-time homebuyers, transparency and affordable monthly payments are the most important factors they consider when choosing a mortgage loan officer, so we wanted to improve both of those considerations,” said Smith, PMI Rate Pro co-founder and longtime mortgage officer with Fairway Independent Mortgage Corporation in Kansas City. “With PMI Rate Pro, homebuyers secure the most affordable monthly payments possible.”
Landau said: “We’re committed to helping LOs find the best options for their homebuyers. PMI Rate Pro also saves loan officers valuable time, allowing them to focus on closing deals instead of spending hours running PMI quotes.”
After registering with PMI Rate Pro and completing a simple form, LOs can view single and monthly quotes in seconds. The platform’s design allows LOs to easily share the preferred quote with their processors, no matter which software they use. PMI Rate Pro also will integrate user feedback to further refine its software.
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