MGIC Unveils New Time Saver
Mortgage Guaranty Insurance Corp. has released a second version of its online mortgage insurance ordering tool, MI on the Web.
The company said the new version makes it faster and easier to order MGIC mortgage insurance and facilitates more automated insurance approvals.
Version two of the program has been enhanced to include just three screens: a main menu, an MI application and a loan manager. Mortgage insurance decisions typically take less than one minute, MGIC said.
The company also said the new version includes default settings that enable users to forgo data entry that is repetitive from loan to loan. The help screens include more instruction, and the data entry page includes a more sophisticated method for catching data entry errors.
"We've improved MI on the Web to reduce the time needed to process and approve an MI request," said Cheryl Webb, vice president of marketing for MGIC.
She said the enhancements make it easier for the system to catch many data entry errors, such as adding an extra digit to the loan amount or entering a nonexistent ZIP code, before the loan is processed by MGIC's underwriting engine.
Having the error caught at the time of entry allows the lender to change the data before it is referred to an underwriter, MGIC said.
MGIC is the nation's largest provider of private mortgage insurance, with $193.6 billion in primary insurance-in- force covering 1.6 million mortgages as of June 30.
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