Users of next-generation LOS can now get best execution MI pricing.
KANSAS CITY – January 30, 2023 – 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).”
Mortgage Cadence delivers the industry’s most complete, modern, cloud-based digital lending platform designed to provide an exceptional user experience throughout the entire mortgage lending life cycle, across all channels and products. With a leading borrower point-of-sale through closing collaboration tools, the end-to-end platform is both complete and configurable offering an open-architecture designed to meet the needs of today’s lenders. The platform enables lenders to work more efficiently, leveraging automation and workflow tools that deliver an excellent borrower, sales, and operational user experience. For more information visit www.mortgagecadence.com.
Founded by mortgage loan originators, PMI Rate Pro is a technology provider offering a proprietary suite of software products to allow brokers and loan officers to quote Private Mortgage Insurance from all six industry providers in seconds for their borrowers, allowing originators win borrower trust and the repeat and referral business that comes with it. Originators also increase loan pull-through rates by demonstrating to borrowers that they have their best interest at heart. Lenders can manage risk using the company’s automated allocation feature, ensuring a lender is not over exposed to counterparty risk. LOS’s and POS’s can offer the complete suite of tools to their lenders and originators through a simple integration to the firm’s feature-rich API’s. Learn more about the company by visiting its website at pmiratepro.com.
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