MILWAUKEE, March 14, 2013 /PRNewswire/ -- Mortgage Guaranty Insurance Corporation (MGIC), the nation's largest private mortgage insurer, announced today the availability of MGIC mortgage insurance rates and eligibility to lenders through LoanSifter, the leading provider of product eligibility and pricing solutions for the mortgage banking industry.
The MISMO-based integration allows LoanSifter users to seamlessly check MGIC's pricing and eligibility without having to leave LoanSifter's Best Execution MI Pricing Platform, which is automatically triggered when a loan scenario exceeds 80% loan-to-value (LTV). This fully automated two-way exchange of data provides mortgage lenders with a more efficient and accurate lending process, allowing them to close loans faster and achieve higher profits. The integration builds upon an earlier partnership.
"Seamless access to MGIC's loan eligibility and competitive mortgage insurance rates through LoanSifter enables our customers to more effectively streamline their loan origination processes," said Sal Miosi, vice president of marketing at MGIC. "MGIC's partnership with LoanSifter represents our dedication to providing customers with easy access to our mortgage insurance programs."
"At LoanSifter we are thrilled to expand our relationship with MGIC," said Bruce Backer, president of LoanSifter. "The ability for lenders to quote mortgage insurance accurately and in real-time is becoming increasingly critical during the origination process in order to satisfy ever-growing compliance needs and borrower expectations. Our customer base now has instant access to MGIC's loan eligibility and rates, alongside their product eligibility and pricing."
"American Financial Resources is excited about this important integration," said Corey Dubnoff, president of American Financial Resources, Inc., a LoanSifter customer. "Having the ability to check mortgage insurance rates through MGIC within LoanSifter will not only help us respond to customers with a quick, clear and concise mortgage insurance quote, but will also streamline our overall pricing process while helping us stay compliant."
MGIC (www.mgic.com), the principal subsidiary of MGIC Investment Corporation, is the nation's largest private mortgage insurer as measured by $162.1 billion primary insurance in force covering 1.0 million mortgages as of December 31, 2012. MGIC serves lenders throughout the United States, Puerto Rico, and other locations helping families achieve homeownership sooner by making affordable low-down payment mortgages a reality.
About LoanSifter, Inc.
LoanSifter, Inc. provides the mortgage banking industry's most comprehensive platform for mortgage bankers, brokers, credit unions and banks to maintain compliance through the accurate pricing, marketing and management of mortgage loans. LoanSifter is also the leader in delivering production tools to lenders, including its eOriginations consumer online point-of-sale (POS) platform, email campaigns, rate alerts and automated quoting for Bankrate, LendingTree and Zillow. LoanSifter boasts nearly 1,000 clients, supports content for over 160 investors, and has the market's most comprehensive integrations with leading loan origination systems (LOS), mortgage insurance companies and hedge advisory companies. For more information about LoanSifter, please visit www.LoanSifter.com.
SOURCE MGIC Investment Corporation