Private mortgage insurer National MI integrates with a mortgage coach

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Mortgage Coach has added National MI as a private mortgage insurance provider to its home loan comparison platform, offering homebuyers who can’t easily put 20% more options.

Soaring home prices mean it’s often difficult for first-time homebuyers to save enough to make a 20 percent down payment on a home. Borrowers who pay less than 20% can choose between mortgages guaranteed by the FHA, VA, or USDA, or purchase private mortgage insurance to qualify for a mortgage that meets the requirements of mortgage giants Fannie Mae and Freddie. Mac.

Norm fitzgerald

“National MI is thrilled to be a part of Mortgage Coach, which helps millions of consumers make informed and informed decisions about home loans based on their individual financial goals,” said Norm Fitzgerald, Director of Sales at National MI, in a statement. “Mortgage professionals taking advantage of the Mortgage Coach platform will now be able to include our competitive rates in their loan quotes, resulting in much faster commitments and more borrowers benefiting from ” private mortgage insurance. “

The Mortgage Coach app. Credit: MortgageCoach.com.

Mortgage Coach generates Total Cost Analysis (ACT) presentations, which give borrowers a side-by-side comparison of lending options, including loans with private mortgage insurance. Standard Mortgage Coach integrations include MI’s national competitor, Arch MI.

The integration of National MI with Mortgage Coach “improves and simplifies the process of obtaining MI quotes for National MI and Mortgage Coach clients by allowing them to receive the personalized quote instantly in the TCA presentation,” the company said. “Mortgage lenders can now access National MI’s real-time, risk-based mortgage insurance pricing through its Rate GPS tool without ever leaving the Mortgage Coach platform. “

Based in Emeryville, Calif., National MI is licensed to provide mortgage insurance in all 50 states and Washington, DC In its latest Quarterly Investor Report, parent company NMI Holdings Inc. said the company posted 22.8 billion dollars in new insurance policies written in April, May and June, up 73% from a year ago.

As of June 30, 2021, the company had master policies with 1,656 clients, including national and regional mortgage banks, credit unions, community banks, builder-owned mortgage lenders, internet lenders and other lenders. non-banking.

Of the $ 138.1 billion in total insurance in effect as of June 30, more than half covered mortgages secured by homes in 10 states: California (10.3%), Texas (9.8%), Florida (8.3%), Virginia (5%), Colorado (4.1%), Maryland (3.9%), Illinois (3.8%), Washington (3.6%), Georgia (3, 5%) and Pennsylvania (3.2%).

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