MILWAUKEE, April 4, 2017 /PRNewswire/ -- Mortgage Guaranty Insurance Corporation (MGIC), the nation's first private mortgage insurer, announced today the availability of mortgage insurance through PreApp 1003, a cloud-based mortgage pre-qualification system.
PreApp 1003 customers can now price loans with MGIC mortgage insurance without leaving the system. This integration – unique to PreApp 1003 and MGIC – allows loan officers to provide their borrowers accurate, real-time mortgage loan rates that require mortgage insurance. This automation helps improve the point-of-sale experience of the loan origination process by saving time and increasing precision.
"PreApp 1003 just got even more efficient for a loan originator to pre-qualify a prospective borrower from a mobile device," said Dru Brents, Founder and Chief Executive Officer of PreApp 1003. "With MGIC mortgage insurance now embedded in the system, loan originators can work DTI ratios more quickly and accurately."
"PreApp 1003 is the best tool out there for both the client and loan officer experience," said JP Hussey, Producing Branch Manager at GMH Mortgage. "Data has also shown that 35% of all applications this year will be from millennials, who work on the go, just like loan officers. Having quick, mobile access to accurate MGIC mortgage insurance rates in PreApp 1003 is a critical part of this pre-qualification process."
"Our integration with PreApp 1003 addresses the need for quick pricing in the mortgage loan pre-approval process," said Margaret Crowley, Vice President of Marketing and Customer Experience at MGIC. "This partnership demonstrates our continued dedication to offering automated solutions to our customers."
MGIC, the principal subsidiary of MGIC Investment Corporation, this year celebrates 60 years of serving the mortgage finance industry. As the founder of modern private mortgage insurance, MGIC is committed to providing products and services that make originating affordable low-down-payment mortgages safer for the financial institutions served. Fulfilling this vital role helps families achieve homeownership sooner. At February 28, 2017, MGIC had $182.9 billion of primary insurance in force covering approximately 1 million mortgages.
About PreApp 1003
Founded in 2015, Houston-based PreApp 1003 was created to fill a growing need for mortgage loan officers to easily and securely prequalify mortgage applicants from the convenience of their mobile devices. Being a cloud-based, text-initiated system, PreApp 1003 helps from the point of referral, to obtaining credit, calculating ratios and funds to close, to issuing closing cost worksheets and conditional pre-approval letters. It is simply the most efficient way for a Mortgage Loan Originator to pre-qualify a prospective borrower all from a mobile device.
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SOURCE MGIC Investment Corporation