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., today announced the completion of a new integration with Cloudvirga™, developer of intelligent mortgage point-of-sale (POS) platforms.
Cloudvirga’s lender customers now have direct, real-time access to Arch MI RateStar®, the only risk-based MI pricing solution.
“We are excited to partner with an innovative company like Cloudvirga,” said Chris Hovey, Arch MI’s Executive Vice President and Chief Operating Officer. “Like Arch MI, Cloudvirga is aggressively reimagining the mortgage process for greater speed and efficiency. Together, we are bringing Cloudvirga users immediate, real-time access to RateStar℠, the most dynamic and competitive MI rate program available.”
RateStar evaluates a wide variety of loan characteristics to more precisely match Arch MI rates to individual loan risk. Cloudvirga’s Consumer POS and Enterprise POS platforms now seamlessly connect with Arch MI to return precise MI pricing in seconds, eliminating the need to rekey data on websites outside Cloudvirga and ensuring accurate disclosure data. All RateStar quotes come with a 90-Day Promise to honor the quote as long as there is no change to the submitted loan information.
“This is not your basic, ‘plug-and-play’ integration. By tightly weaving Arch MI’s RateStar pricing for both borrower-paid monthly and single premium MI into Cloudvirga’s digital mortgage platform, we deliver loan calculations that are far more accurate than the norm from the very start and generate an underwriting-ready loan for a fraction of the typical production cost,” said Cloudvirga Co-Founder Kyle Kamrooz.
About Arch MI
Arch Capital Group Ltd.’s US 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 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.
Cloudvirga’s intelligent mortgage point-of-sale (POS) platforms uniquely combine a world-class borrower experience with a truly digital lender platform that radically cuts overall loan costs, increases transparency and reduces the time to close a loan. Founded by top fintech veterans with a track record of building successful mortgage technologies, Cloudvirga’s initial customer roster includes nine of the top 40 non-bank mortgage originators. To date, Cloudvirga has raised over $27 million from some of the country’s top lenders and venture capital firms. For more information, visit http://www.cloudvirga.com/ or follow Cloudvirga on LinkedIn.
© 2018 Arch Mortgage Insurance Company. All Rights Reserved. Arch MI is a marketing term for Arch Mortgage Insurance Company and United Guaranty Residential Insurance Company. Arch MI RateStar is a registered mark of Arch Capital Group (U.S.) or its affiliates. RateStar is a service mark of Arch Capital Group (U.S.) or its affiliates. Cloudvirga is a trademark of Skyline Financial Corp.