EMERYVILLE, Calif., Oct. 21, 2013 /PRNewswire/ -- National MI, a private mortgage insurance (MI) company, has successfully completed a systems integration with LPS' MSP® servicing platform, a leading servicing technology for the mortgage industry.
The integration is expected to save mortgage servicers time and money by allowing the servicer to report MI billing and disbursements, new loans, cancellations and delinquencies electronically to National MI. LPS' MSP servicing technology platform gives mortgage bankers the ability to automate all areas of loan servicing, including loan setup and maintenance, customer service, cashiering, escrow administration, investor accounting and default management for servicers throughout the country.
"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.
Both Fannie Mae and Freddie Mac approved National MI as a qualified mortgage insurer in January 2013. National MI began writing mortgage insurance in April of this year. In late July, National MI agreed to insure an amount approximating $5 billion in residential mortgages in its first risk transfer transaction with Fannie Mae, with an effective date of September 1, 2013.
About National MI
Founded in 2012, National Mortgage Insurance Corporation (National MI) is headquartered in Emeryville, California, in the San Francisco Bay Area. NMI Holdings, Inc., National MI's parent company, raised over $500 million of capital in a private placement of its securities in April 2012. National MI has received approval from Fannie Mae and Freddie Mac as a qualified mortgage insurer, and has been approved to provide mortgage insurance in 48 states and the District of Columbia. To learn more about National MI, visit www.NationalMI.com
A registration statement relating to the initial public offering of common stock of NMI Holdings, Inc. has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. The shares subject to the registration statement may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the ordinary shares in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Certain statements and information included in this release may constitute "forward- looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of National MI to be materially different from any future results, performance, or achievements expressed or implied in such forward- looking statements. The company does not undertake any obligation to update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
About Lender Processing Services
LPS (NYSE: LPS) delivers comprehensive technology solutions and services, as well as powerful data and analytics, to the nation's top mortgage lenders, servicers and investors. As a proven and trusted partner with deep client relationships, LPS offers the only end-to-end suite of solutions that provides major U.S. banks and many federal government agencies the technology and data needed to support mortgage lending and servicing operations, meet unique regulatory and compliance requirements and mitigate risk.
These integrated solutions support origination, servicing, portfolio retention and default servicing. LPS' servicing solutions include MSP, the industry's leading loan-servicing platform, which is used to service approximately 50 percent of all U.S. mortgages by dollar volume. The company also provides proprietary data and analytics for the mortgage, real estate and capital markets industries. Lender Processing Services is a Fortune 1000 company headquartered in Jacksonville, Fla. For more information, please visit www.lpsvcs.com.
SOURCE National MI