MILWAUKEE, Oct. 15, 2019 /PRNewswire/ -- OpenClose, an industry-leading multi-channel loan origination system (LOS) and digital mortgage fintech provider, and Mortgage Guaranty Insurance Corporation (MGIC), the nation's first private mortgage insurer, jointly announced today the availability of MGIC's rate quote and mortgage insurance workflows for both delegated and non-delegated MI, through the OpenClose LenderAssist™ LOS.
Through this MISMO-based integration, our mutual customers can order MGIC rate quotes and delegated MI or non-delegated MI certificates directly from within the LenderAssist LOS. The service includes access to MGIC's recently introduced risk-based pricing model - MiQ. This integration enhances the LenderAssist™ LOS by driving efficiency and accuracy within the mortgage insurance ordering process for mutual customers of MGIC and OpenClose.
"Developing tight integrations with our vendor partners that provide our customers immediate access to services from within the OpenClose ecosystem is critical," said Vince Furey, Chief Revenue Officer at OpenClose. "MGIC is a solid integration partner and this new interface streamlines the MI process, saving customers time, money and eliminating the potential for data entry errors."
"We are proud to partner with OpenClose to provide access to MGIC mortgage insurance," said Margaret Crowley, Vice President of Marketing and Customer Experience at MGIC. "At MGIC, we strive to make it easy for our customers to access the right rate, at the right time, and our integrations with OpenClose are just one more way we can deliver on that promise."
Mortgage Guaranty Insurance Corporation "MGIC" (www.mgic.com), the principal subsidiary of MGIC Investment Corporation, serves lenders throughout the United States, Puerto Rico, and other locations helping families achieve homeownership sooner by making affordable low-down-payment mortgages a reality. At September 30, 2019, MGIC had $218.1 billion of primary insurance in force covering over one million mortgages.
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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.
SOURCE Mortgage Guaranty Insurance Corporation