National MI Completes Systems Integration with LPS' Servicing Technology
October 31, 2013
By Anuradha Shukla
TMCnet Contributor
Private mortgage insurance (MI) company National MI and Lender Processing Services (LPS) are helping mortgage servicers to save time and money.
National MI has completed systems integration with LPS' MSP servicing platform enabling users to report, new loans, MI billing and disbursements, cancellations and delinquencies electronically to National MI.
"We appreciate National MI's trust in LPS' best-in-class servicing technology to help optimize support for their customers' MI servicing process," said LPS chief information officer Joe Nackashi.
- Mortgage bankers can leverage LPS' MSP servicing technology platform to automate all areas of loan servicing throughout the country.
- Users can automate loan setup and maintenance, customer service, cashiering, escrow administration, and investor accounting.
National MI was certified as a qualified mortgage insurer in January 2013 by both Fannie Mae and Freddie Mac.
The company began writing mortgage insurance in April 2013 and decided to insure an amount of about $5 billion in residential mortgages in its first risk transfer transaction with Fannie Mae.
This agreement is subject to maintaining certain conditions as in addition to giving their approval, Fannie Mae and Freddie Mac had said that they would accept loans insured by National Mortgage Insurance (National MI) in the second quarter of this year.
It has been agreed mutually that both Government Sponsored Enterprises (GSEs) will communicate directly to lenders regarding the timing and process.
Earlier this year, National MI completed systems integration with LoanServ from Fiserv. This integration not only streamlined data transfers for mortgage insurance company but also increased efficiencies for National MI's lender customers that use the Fiserv solution.
"Our integration with LoanServ from Fiserv will enable National MI to support many of our customers' servicing needs by making the process more convenient and straight-forward," said Pete Pannes, chief sales officer at National MI.
Edited by Peter Bernstein
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