Integration streamlines processing by enabling users to get quotes, place orders and receive the MI certificate without leaving the LOS
GREENSBORO, N.C. – April 8, 2019 – Arch Mortgage Insurance Company (“Arch MI”), a leading provider of private mortgage insurance (MI) and a wholly owned subsidiary of Arch Capital Group Ltd., and OpenClose®, an industry-leading multi-channel loan origination system (LOS) and digital mortgage fintech provider, have launched a new integration that enables their customers to complete an MI order and receive the MI certificate without leaving the LOS — speeding processing and lowering costs for mortgage lenders.
Arch MI’s new MI order functionality supports both delegated and non-delegated mortgage insurance orders initiated from within the OpenClose LenderAssist™ LOS. The new integration adds a streamlined workflow-driven process for users to get an Arch MI quote, place an MI order and receive the MI certificate and pricing data, all within the LOS.
The new integration allows OpenClose LenderAssist users to view rate comparisons and lock in Arch MI RateStar® pricing. Now celebrating 10 years as the industry’s leading risk-based MI pricing solution, RateStarSM evaluates a wide variety of loan characteristics to provide the most tailored, complete and precise MI rate. Arch MI was the first MI company to provide LenderAssist users access to live MI pricing together with side-by-side comparisons for multiple Arch MI products and rates — capabilities that continue to be available within the updated system.
“The new, enhanced integration with OpenClose’s LOS platform brings the entire MI function full circle, delivering increased efficiencies for pricing, ordering and producing certificates,” said Carl Tyree, EVP and Chief Sales Officer at Arch MI. “One of our goals at Arch MI is to make our industry-leading products available wherever lenders want to do business with us, and we are proud to be the first MI to offer a fully integrated set of services on the OpenClose platform.”
“We’ve enjoyed a tremendous relationship with Arch MI and are pleased to strengthen our integration to deliver more value to our mutual customers,” stated Vince Furey, CRO at OpenClose. “Enhancing our integration with Arch MI is of particular importance as it establishes automated workflow that speeds processing time and helps reduce the cost to manufacture loans.”
About Arch Mortgage Insurance Company
Arch Capital Group Ltd.’s U.S. mortgage insurance operation, Arch MI, is a leading provider of private insurance covering mortgage credit risk. Headquartered in Greensboro, North Carolina, Arch MI’s mission is to protect lenders against credit risk, while extending the possibility of responsible home ownership to qualified borrowers. Arch MI’s flagship mortgage insurer, Arch Mortgage Insurance Company, is licensed to write mortgage insurance in all 50 states, the District of Columbia and Puerto Rico. For more information, please visit archmi.com.
Founded in 1999 and headquartered in West Palm Beach, Florida, OpenClose® is a leading enterprise-class, multi-channel loan origination system (LOS), POS digital mortgage and fintech provider that cost effectively delivers its digital platform on a software-as-a-service (SaaS) basis. The company provides a variety of innovative, 100 percent web-based solutions for lenders, banks, credit unions and conduit aggregators. OpenClose’s core solution, LenderAssist™, is comprehensive loan origination software that is completely engineered by OpenClose using the same code base from the ground up. The company offers a RESTful API suite that standardizes system-to-system integrations, making them easier to develop, quicker to implement and more cost effective. OpenClose provides lending organizations with full control of their data and creates a truly seamless workflow for complete automation and compliance adherence. For more information, visit https://www.openclose.com/ or call (561) 655-6418.
Margaret Bonaparte, 415-891-4914
Profundity Communications, Inc.