Arch Mortgage Insurance Company [1] and OpenClose [2] announce Monday an integration aimed at providing “more competitive, sophisticated and dynamic MI pricing solution than conventional rate sheets,” according to Chris Hovey EVP and COO at Arch MI.
Arch MI, the flagship private mortgage insurance provider of Greensboro, North Carolina-based Arch Capital Group [3], and West Palm Beach, Florida-based OpenClose, are collaborating to offer Arch MI RateStar [4] pricing information within the OpenClose LenderAssist loan origination system.
“Put simply, this integration eliminates manual steps and allows our customers to tap Arch MI’s RateStar solution to price mortgage insurance coverage based on loan risk, which ultimately helps originators offer eligible borrowers the best pricing for their specific loan scenario,” said Vince Furey, SVP of Lending Solutions at OpenClose. “Both OpenClose and Arch MI are committed to maximizing value for lenders, which this integration showcases.”
Lenders can access RateStar pricing information in LenderAssist “at the press of a button,” according to the two companies, and then view direct comparisons on various products and pricing based on individual loan risk.
The pricing information is delivered in seconds and then stored in the LOS.
“We are pleased to be the first MI company to partner with OpenClose,” Hovey said.
“Customers will not only be able to quickly obtain RateStar quotes from within OpenClose’s multi-channel LOS, but also skip the cumbersome re-entry of data so that they can increase their productivity,” he said.
Arch MI offers mortgage insurance in all 50 states, the District of Columbia, and Puerto Rico.