That means ELC now sports electronic loan package document delivery and automated mortgage insurance activation from MGIC – thus streamlining the origination process.
By simplifying the ordering and activation of mortgage insurance, lenders gain speed and increased productivity, Mortgage Cadence, an Accenture Company, says in a release.
For non-delegated mortgage insurance, the electronic loan package document delivery capability gives lenders the option of sending the loan package directly to MGIC for review, eliminating manual document uploads.
Lenders can also activate the mortgage insurance policy by notifying MGIC electronically after loan consummation.
MGIC is one of the first mortgage insurance providers to extend this service via integration with a loan-origination system, and Mortgage Cadence’s ELC platform was the first loan origination system on the market to provide this integrated functionality, the companies claim in a release.
“The activation of mortgage insurance after a loan closes is often a grey area,” says Brian Benson, executive manager of services at Mortgage Cadence. “Sometimes it’s the lender that activates the insurance, while other times it’s the servicer. Enterprise Lending Center now automates this activation, creating efficiency and peace of mind for lenders.”