"The product that everyone sells is the same I don't think there is any way to really differentiate what you are doing. This is because lenders see PMI as a commodity. "In 60 years of doing business, we know that customer experience is the most important thing and is our most important differentiator," Crowley said. And that includes getting the quote out earlier in the process, she continued. We just feel that education is the most important component of that and once given all of the options, the consumer is able is to make the choice that is right for them," said Margaret Crowley, vice president of marketing and customer experience. "We feel that it is important that a consumer understands what their options are. So even though the borrower is not MGIC's customer, it sees the need to educate them about the product. Giving them the MI upfront to evaluate that is going to help them see the big picture," said Leslie Malicki, MGIC's business partner relationship manager. "We definitely want the borrower to know that MI is an option…that they need to consider in their buying decision. Leslie Malicki, business partner relationship manager, MGIC "We definitely want the borrower to know that MI is an option…that they need to consider in their buying decision." PreApp 1003 lets loan officers do prequalifications on mobile devices its customers can get price quotes from Mortgage Guaranty Insurance Corp. Arch's challenge is "getting them to understand what Arch is about and part of that educational process is introducing them to some of the alternative products that we have," Gansberg said.Īrch isn't the only PMI carrier considering mobile delivery. Each lender has one account manager as a point of contact. There is one sales team for both Arch subsidiaries and UG. ![]() ![]() "So we can work with lenders on creating custom programs, on really serving their needs and finding out exactly what they want," Gansberg said. Since it's not a GSE-eligible mortgage insurer, Arch Mortgage Guaranty does not follow the GSEs' capital standards or underwriting rules. So it is about trying to deliver a better product to them," said Gansberg.Īrch has gone so far as to create a separate underwriting subsidiary for portfolio loans, Arch Mortgage Guaranty. ![]() Loan officers "get quotes in a fast manner, with an easy sign on and they get the stability of knowing once they get a price it's not going to change, without a change to significant risk characteristics. That involves delivering the mortgage insurance rate quote to loan officers into the field so they can access it on a mobile device and pass the information on to the consumer. That innovation comes in the form of, not necessarily the black box, but the way that rates and the way that mortgage insurance is delivered to customers." "Where we try to differentiate ourselves is on innovation. Our business plan is not built around that," Gansberg said. "At the end of the day, the black-box pricing strategy, that's not a long-term value creator in our business, that is my belief. ![]() That's helped make for a smoother transition of combining the two businesses, but is not the only way Arch seeks to differentiate itself. Our goal is to offer competitive pricing using risk-based technology while delivering outstanding service to our lender customers.When they were separate companies, Arch and United Guaranty both embraced a similar "black box" pricing philosophy that relies on granular, loan-level decisions, as opposed to the rate card and pricing matrix strategy employed by other PMI carriers. We do this by providing private mortgage insurance to low down-payment borrowers while protecting lenders and investors against losses related to default. National MI believes in expanding access to the American dream of homeownership.(NASDAQ: NMIH), is the parent company of National Mortgage Insurance Corporation (National MI), a U.S.-based, private mortgage insurance company enabling low down payment borrowers to realize home ownership while protecting lenders and investors against losses related to a borrower's default. Get access to essential resources that can help make your job easier. Get access to helpful tools that can help make your job easier. Reaching NextGen, Multicultural & Multigenerational Home Buyers.With National MI University, you have access to training resources that cover more than just industry-leading topics. Whether you are an originator or an underwriter, we have the resources and answers you need to understand how mortgage insurance can benefit you and your borrower.
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