Skip to main content

Nomi Smith Shares How She Created A PMI Solution For The Industry And More

Navi Persaud
Jul 23, 2020
Photo of Nomi Smith and quote from July 22 livestream.

Wednesday's episode of Mortgage Leadership Outlook featured Nomi Smith, co-founder of PMI Rate Pro. Smith and series' host Andrew Berman, head of engagement and outreach for National Mortgage Professional magazine, discussed how the COVID-19 pandemic pushed the mortgage industry to enter the world of digital lending faster and how she started PMI Rate Pro.

Smith's experience as an originator was helpful in crafting technology that originators can us to create a better customer experience for borrowers. She has also been working as a mortgage banker for Fairway Independent Mortgage Corp.

Growing up around self-made parents, Smith always wanted to be an entrepreneur. She took note of their work ethic, from working multiple jobs to finally creating their own businesses.

Entering the mortgage business wasn’t easy for Smith. Her first client meeting didn’t go well but she didn’t let that discourage her. She took it as a learning experience and soon realized that some folks will work with her and some won’t - that’s just the nature of the job.

Highlights From The Interview:

  • Smith went through her own mortgage experience before entering the business. After three years in the mortgage industry, she soon realized that there is a better way to structure private mortgage insurances. She then analyzed the process of finding all of the PMI rates to ensure the customer receives the best one possible and teamed up with a partner to create PMI Rate Pro, a tool that shops rates through all six companies and provides results within 10 seconds.
  • “Our goal when we started the company was going after lenders and brokers individually. Very quickly we figured out we could be a part of a loan origination system, so, fintech partnerships are really important for us. Also going after wholesalers too, the conversations that we’re having, we’re looking at it from a different perspective,” said Smith when speaking about the customization her company can provide to clients.
  • She thinks she spent too many years stressing out over closing deals and negative interactions but realized that it was impacting her life more than it should. Smith realized that she really didn’t need to stress because things always worked out.
  • Previously her company focused on in-person meetings but once COVID-19 hit, she realized that you can be just as effective via Zoom. “We have all the tools needed to assist the homebuyer.”
  • “I think the world was heading this way anyway and COVID just kind of made it happen faster. Even buyers are forced to trust you more because there is no option to meet in person anymore.”

Check out the full interview between Smith and Berman below.

Previous guests include Joe Dahleen, Tim Nguyen, Kristy Fercho, Tony Thompson, Mat Ishbia, David Luna, Barry Habib, Rob Chrisman and more.

See all the interviews from the Mortgage Leadership Outlook series on its YouTube channel.


Jul 23, 2020
More from
SimpleNexus Unveils Nexus Pay With In-App Payment Capabilities

SimpleNexus announced its upcoming Nexus Pay feature for mortgage loan applicants. The company is planning to do a full unveiling at the Mortgage Bankers Association's Annual Convention and Expo.

Oct 13, 2021
Redwood Trust Invests In Flock Homes Rental Ownership Platform

Redwood Trust Inc. announced its investment in Flock Homes, a rental ownership platform that converts owners into passive investors.

Oct 07, 2021
DocMagic Updates eSign Platform With Version 3.0

DocMagic Inc. launched its eSign 3.0 platform featuring enhancements to its remote notary and eClosing capabilities.

Oct 06, 2021
New CoreLogic Listing Platform Streamlines Navigation In NYC Real Estate Market

New York City has a notoriously hard-to-navigate housing market, but a better property listing platform from CoreLogic can simplify the process for new homebuyers.

Oct 04, 2021
Knock GO Aims To Make First-Time Homebuyers Cash Buyers

Knock launch of Knock GO (Guaranteed Offer), a cash-backed home loan solution for first-time homebuyers looking to compete in the housing market.

Oct 04, 2021
DataVerify And Nexsys Technologies Join Forces For Automated HOI For Lenders

New integration between DataVerify and Nexsys Technologies is looking to automate homeowners insurance (HOI) verification for lenders.

Oct 04, 2021