Mortgage Coach added National MI as a private provider of mortgage insurance on its home loan comparison platform, giving home buyers who can’t easily save 20 percent more options.
Soaring house prices mean that first-time home buyers often find it difficult to save enough to pay a 20 percent down payment on a home. Borrowers with less than 20 percent can choose between mortgages secured by FHA, VA or USDA, or take out private mortgage insurance to qualify for a mortgage that meets the requirements of mortgage giants Fannie Mae and Freddie Mac.
“National MI is thrilled to integrate with Mortgage Coach, which helps millions of consumers make informed and informed home loan decisions based on their individual financial goals,” said Norm Fitzgerald, chief commercial officer at National MI. statement… “Mortgage professionals using the Mortgage Coach platform will now be able to incorporate our competitive rates into their loan offerings, resulting in much faster commitments and more borrowers using private mortgage insurance.”
Mortgage Coach app. Credit: MortgageCoach.com…
Mortgage Coach creates Total Cost Analysis (TCA) presentations that provide borrowers with side-by-side comparisons of loan options, including private mortgage-backed loans. Mortgage trainer standard integrations include national competitor MI, Arch MI…
National MI’s integration with Mortgage Coach “enhances and simplifies the process of obtaining MI quotes for National MI and Mortgage Coach customers, allowing them to instantly receive personalized quotes as part of their TCA presentation,” the company said. “Mortgage lenders can now access National MI mortgage insurance pricing information in real time using the Rate GPS tool, without ever leaving the Mortgage Coach platform.”
National MI, based in Emeryville, California, is licensed to provide mortgage insurance in all 50 states and Washington, DC. quarterly report to investorsParent company NMI Holdings Inc. reported that in April, May and June, the company placed new insurance in the amount of $ 22.8 billion, up 73 percent from a year ago.
As of June 30, 2021, the company had common policies with 1,656 clients, including national and regional mortgage banks, credit unions, public banks, construction-owned mortgage lenders, internet lenders, and other non-bank lenders.
Of the $ 138.1 billion in current insurance as of June 30, more than half covered mortgages secured by homes in 10 states: California (10.3 percent), Texas (9.8 percent), Florida (8.3 percent), Virginia (5 percent). ), Colorado (4.1 percent), Maryland (3.9 percent), Illinois (3.8 percent), Washington (3.6 percent), Georgia (3.5 percent), and Pennsylvania (3.2 percent).