Reinsurance News

Arch partners to reduce mortgage insurance friction for customers

24th August 2017 - Author: Steve Evans

International insurance and reinsurance group Arch Capital Group Ltd. is partnering with a technology platform for mortgage loans to bring its mortgage insurance offering to potential customers more simply.

Arch Capital logoArch Mortgage Insurance Company has partnered with provider of a multichannel loan origination system OpenClose, in an integration that will bring Arch’s mortgage insurance pricing to users of the LenderAssist™ mortgage comparison system, so they can offer it to their customers.

The LenderAssist platform will be connected directly to Arch’s RateStar mortgage insurance pricing system, so LenderAssist users can call up live RateStar pricing and view side-by-side comparisons of multiple Arch Mortgage Insurance products and rates, which can then be offered to customers.

For Arch, this embeds their mortgage insurance product offering into a widely used tool that financial advisors and the like use to help mortgage customers choose a product.

The partnership will not only make it simpler and more convenient for mortgage buyers to choose insurance for their loans, this effectively brings Arch’s mortgage insurance capacity more directly to potential customers, with the help of a technology integration.

“We are pleased to be the first MI company to partner with OpenClose,” commented Chris Hovey, Executive Vice President and Chief Operating Officer at Arch Mortgage Insurance. “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,” explained 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.”

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