These connections between Genworth and the loan origination systems allow the lender to reduce duplicate data entries and speed up mortgage loan processing. Processors may be able to significantly boost productivity, reducing the time required to submit a mortgage loan to Genworth by up to 10 minutes in some cases.
Genworth added that last year it introduced a new process that allows for faster execution of the integration agreement letter. This requires less testing to setup, and allows connections to some loan origination systems to be completed by the lender’s own technology administrators without additional intervention from Genworth.
Earlier this week Genworth formally announced its streamlined underwriting program.
Other private mortgage insurers have been active on the technology front in recent months.
Radian Guaranty has made its rate finder app, Radian Rates, available on Android devices through Google Play. Previously it had made Radian Rates available for iPhones and iPads.
“We developed Radian Rates as another way to make it quicker and easier for our lending partners to do business with us,” said Brien McMahon, Radian’s chief franchise officer and head of sales.
“Based on the positive feedback from our App Store release, we wanted to expedite a version for Android to ensure we were providing all of our customers with the ability to access our rates in seconds on their smartphone, wherever they are, to better accommodate their busy schedules.”
Late last year, Radian integrated its product offerings onto Mortgagebot’s EnterpriseLOS.
In January, Essent Guaranty said LoanSifter product and pricing engine customers had access to mortgage insurance eligibility and rate quotes through the latter’s MI Best Execution Pricing Platform.
The LoanSifter Platform is automatically triggered when a scenario has a loan-to-value ratio above 80%. The integration means lenders can check Essent’s MI offerings without exiting from the LoanSifter technology.