Arch Mortgage Insurance Comp. (Arch MI), a provider of private mortgage insurance, and OpenClose, a multichannel loan origination system (LOS) and mortgage software solutions provider, have completed a new integration allowing immediate access to Arch MI RateStar pricing from within the OpenClose LenderAssist LOS.
RateStar is a risk-based pricing program that matches Arch MI’s most competitive MI rates more precisely to individual loan risk. As a result of the integration, LenderAssist users can call up RateStar pricing at the press of a button, then view side-by-side comparisons of multiple live Arch MI products and rates. LenderAssist users can then select the best mortgage insurance option for their borrowers and automatically apply the selected Arch MI product and pricing to their loan. Live MI pricing is returned in seconds and stored in LenderAssist for future reference.
“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,” says Vince Furey, senior vice president of lending solutions at OpenClose.