Loan officers will be able to provide their borrowers accurate, real-time mortgage loan rates that require mortgage insurance. This helps improve the point-of-sale experience of the loan origination process by saving time and increasing precision, according to MGIC.
"With MGIC mortgage insurance now embedded in the system, loan originators can work DTI ratios more quickly and accurately,” said Dru Brents, founder and CEO of PreApp 1003.
JP Hussey, producing branch manager at GMH Mortgage said that 35% of applications this year will be from millennials on-the-go. “Having quick, mobile access to accurate MGIC mortgage insurance rates in PreApp 1003 is a critical part of this pre-qualification process,” he added.
"Our integration with PreApp 1003 addresses the need for quick pricing in the mortgage loan pre-approval process," said Margaret Crowley, vice president of marketing and customer experience at MGIC.
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premiums costs borrowers as much as $12,000 in 2014
Mortgage Guaranty Insurance Corporation (MGIC) has announced the availability of mortgage insurance through PreApp 1003, a cloud-based mortgage pre-qualification system.