PMI Opens Electronic Insurance Requests to All Lenders

Walnut Creek, California-based ""PMI Mortgage Insurance Co."":http://www.pmi-us.com has made its secure online mortgage insurance ordering system available to all lenders. Previously, only lenders with delegated authority to underwrite the mortgage insurance themselves benefited from the electronic ordering process.
PMI is among the first to fully automate insurance ordering, and the company says its paperless approach enables faster mortgage insurance approvals and saves lenders valuable time during this critical period in the housing market.
In addition to eliminating the labor-intensive, paper application process for mortgage insurance, John Ryan, PMI's VP of e-commerce and technology product management, explained that the company's e-PMI technology also allows lenders to upload document images, monitor transactions, and access approved mortgage insurance certificates within seconds.
The company added that the timing of the e-PMI system enhancements is helpful to lenders seeking to implement new procedures and realize efficiencies in modifying and updating loans under the government's new mortgage plan, in particular the Fannie Mae Home Affordable Refinance and Freddie Mac Relief Refinance programs, which are expected to bring lower monthly payments four to five million struggling homeowners.
Denver-based ""LenderLive Network Inc."":http://www.lenderlive.com, a company that provides business process outsourcing and technology to the financial industry, is also working alongside PMI to provide lenders with the mortgage insurance services they need in today's challenging environment.
LenderLive announced last week that PMI has recommended it as a ""quality provider of contract underwriting services"" and that LenderLive will begin providing service to companies that had previously received mortgage insurance underwriting directly from PMI.
Rick Seehausen, president and CEO of LenderLive, said, ""We have built a solid relationship with PMI that spans 10 years. PMI’s confidence in LenderLive to support its clients’ contract underwriting needs shows the company’s confidence in our ability to provide superior service and our dedication to this endeavor.""
LenderLive explained that its contract underwriting services allow companies to cost-effectively meet the fluctuating demands of the market with a secure online loan submission, a full underwriting staff, and flexible contract options.
Pete Pannes, SVP at PMI, added, ""Since PMI decided to change our approach to contract underwriting, we felt it was important to offer our customers an alternative that they could rely on. Our relationship with LenderLive has proven to be one that we can count on and offers significant value to those poised to use their services, especially during the current mortgage industry climate.""
Contract underwriting is one of the component services LenderLive offers through its contract services division, which offers a variety of outsourced services such as quality control, closing coordination, and contract processing. The company has several other channels of business that include retail, wholesale, loan workout solutions, and settlement services.