GREENSBORO, N.C.--(BUSINESS WIRE)--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®, a multichannel loan origination system (LOS) and mortgage software solutions provider, have completed a new integration allowing immediate access to Arch MI RateStar® pricing from within the OpenClose LenderAssist™ LOS.
RateStar is a risk-based pricing program that matches Arch MI’s most competitive MI rates more precisely to individual loan risk. As a result of the integration, LenderAssist users can call up RateStar pricing at the press of a button, then view side-by-side comparisons of multiple live Arch MI products and rates. LenderAssist users can then select the best mortgage insurance option for their borrowers and automatically apply the selected Arch MI product and pricing to their loan. Live MI pricing is returned in seconds and stored in LenderAssist for future reference.
“We are pleased to be the first MI company to partner with OpenClose,” said Chris Hovey, Executive Vice President and Chief Operating Officer at Arch MI. “The completion of this RateStar integration means that LenderAssist customers now have access to a more competitive, sophisticated and dynamic MI pricing solution than conventional rate sheets. Customers will not only be able to quickly obtain RateStar quotes from within OpenClose’s multi-channel LOS, but also skip the cumbersome re-entry of data so that they can increase their productivity.”
“Put simply, this integration eliminates manual steps and allows our customers to tap Arch MI’s RateStar solution to price mortgage insurance coverage based on loan risk, which ultimately helps originators offer eligible borrowers the best pricing for their specific loan scenario,” said Vince Furey, Senior Vice President of Lending Solutions at OpenClose. “Both OpenClose and Arch MI are committed to maximizing value for lenders, which this integration showcases.”
Founded in 1999 and headquartered in West Palm Beach, Florida, OpenClose® is a leading enterprise-class, multi-channel loan origination system (LOS) mortgage software solutions provider that cost effectively delivers its platform on a software-as-a-service (SaaS) basis. The company provides a variety of 100 percent web-based solutions for lenders, banks, credit unions and conduit aggregators. OpenClose’s core solution, LenderAssist™ LOS, is a comprehensive platform that is completely engineered by OpenClose using the same code base from the ground up, thus avoiding the problems that often accompany assembling best-of-breed applications or acquiring disparate technologies in an effort to create an end-to-end platform. The company 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 http://www.openclose.com or call 561-655-6418.
About Arch MI
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, NC, Arch MI's mission is to protect lenders against credit risk, while extending the possibility of responsible homeownership 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.