LOS Users Can Now Get Best Execution MI Pricing
PMI Rate Pro, a Fintech firm founded by loan originators to help build stronger relationships with mortgage borrowers, has completed a new integration with the Mortgage Cadence Platform (MCP), the newly-released, cloud-based digital lending platform from Mortgage Cadence. Through the new integration, users of the next-generation LOS can easily check pricing for Private Mortgage Insurance from all 6 major underwriters and get a best execution result effortlessly.
“This puts some real power into the hands of the loan originator because it allows them to effortlessly search all MI providers and get the best price for their borrowers,” said Nomi Smith, founder and CEO of PMI Rate Pro. “We’ve been working very hard on our robust API and Mortgage Cadence is the first mortgage origination technology provider to put it to use. We’re very proud to be working with the MCP team.”
MCP is a modern, flexible and intuitive cloud-based LOS designed with an open architecture to meet the needs of a wide range of lenders, across all products and channels. Featuring advanced automation, high-quality analytics and open services strategy, MCP delivers a seamless experience from application to closing.
PMI Rate Pro is an API-based technology provider that has built a single API to pull pricing data from all six possible sources of mortgage insurance so loan officers can provide transparency into loan pricing. Of the 70% or so of all homebuyers that will require mortgage financing to buy a home, the National Association of Realtors estimates that 52% will put down less than 20% on their home purchase and require PMI. LOs who can offer better pricing will win more business.
“We are thrilled to announce the availability of automated MI rate quoting in MCP, powered by PMI Rate Pro,” said Jim Rosen, Executive Vice President of Services at Mortgage Cadence. “This addition furthers our commitment to providing MCP lenders with efficient and automated tools to make their lending operations streamlined. In MCP 2.1, lenders will be able to submit a single request via PMI Rate Pro, and evaluate the rate quote responses from all of their MI providers; and, quickly identify the rate quote available that is in the best interest to the borrower (i.e. Best Execution).”
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