SearchMyLoan.com (SML), a provider of loan search and pricing services for the mortgage industry, is now offering users of its loan search and pricing engine the ability to identify mortgage insurance products.
The search and pricing engine's mortgage insurance (MI) feature enables loan officers to locate insurance companies within seconds of any loan search, allowing users to see which MI company will approve the loan and/or whether lender-paid MI is available.
The feature was added to address a challenge that originators face when identifying the loans that include insurance backing. Originators now can enter the loan scenario into the system, obtain the suitable product and programs, and click on the "MI" button to find insurance company matches.
"Now, within a single seating, our customers can identify which MI company can approve the loan without having to go to a third party for information," says Salvatore Tomaselli, CEO of SML. "This reduces the time and effort involved in matching the right loan with proper insurance."