MortgageFlex Adds Access
to Mortgage Insurers
Standardized MISMO Technology is
the Conduit
Jacksonville,
FL. (December 12, 2008) – Lenders using the LoanQuest loan origination system
from MortgageFlex Systems now have easy interface with a broad selection of mortgage
insurance providers with an enhancement of the LOS.
Lenders
utilizing LoanQuest can now select the following mortgage insurers:
·
Mortgage
Guaranty Insurance Corporation (MGIC),
·
United
Guaranty Insurance Company (UGIC),
·
Republic
Mortgage Insurance Company (RMIC),
·
PMI
Mortgage Insurance Company.
“LoanQuest
compliance with MISMO standards allows us to provide our customers with a
choice of mortgage insurers,” said
Mortgage
Insurance protects lenders in the event of borrower default on residential
first mortgages and aids the sale of low down-payment mortgages in the
secondary market.
As real
estate value continues to decline, borrowers are facing higher LTV values and
consequently are required to purchase MI.
According to the Mortgage Insurance Companies of
The ability to exchange “standardized” data promotes a more
competitive atmosphere so lending systems are not locked into a single MI
vendor and lenders can use their MI company of choice.
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About
MortgageFlex Systems Inc.
MortgageFlex
Systems, Inc., a provider of innovative software and systems solutions to
mortgage companies and lending institutions, was named one of the “Top 50
Providers of 2007,” by Mortgage Technology Magazine. Headquartered in