Arch Mortgage Insurance Company has released an update that streamlines and customizes the design of its premium pricing tool, RateStar, based on the lender’s preference.
RateStar is a tool that evaluates individual loan risk more precisely than other rate sheets, the company said. The new update added a streamlined customer experience with express quotes and fully customized pricing options to RateStar’s portal.
Arch MI President and CEO Michael Schmeiser said that the new RateStar portal offers an “ express rate quote option” that returns quotes quicker and needs fewer fields, as well as a full range of MI pricing options available to users.
RateStar is also the only MI pricing tool that has an MI buydown feature, according to the company. RateStar Buydown enables loan officers to personalize the MI premium payment of each borrower, leveraging lender and seller credits.
“RateStar continues to evolve as we apply our decade of expertise and customer feedback,” said Schmeiser. “RateStar transformed the way lenders select coverage, delivering our most competitive rates for each loan, and RateStar Buydown makes it possible for them to tailor MI premiums according to individual borrower circumstances.
Lenders can access the portal on most loan origination systems and pricing engines. It is also available through CONNECT, Arch MI’s origination platform, and its downloadable mobile app.
“Arch MI has led the way with our risk-based MI pricing solution, and we’ll continue to identify opportunities to enhance RateStar’s capabilities. Fortunately, we have both the in-house expertise and experience to ensure the tool evolves as conditions change. Constant innovation makes RateStar relevant to loan officers, who are competing for every loan and need a dynamic MI pricing solution with the flexibility and precision to differentiate them in the marketplace,” Schmeiser said.
Other features of the RateStar portal include:
- A streamlined, user-friendly interface with an accessible font, font size, and language
- Fewer required data entry fields to receive a basic quote
- A shortened processing time on the back end
- A new express rate quote option with a full menu of applicable pricing options