MILWAUKEE, Aug. 14, 2017 /PRNewswire/ -- Mortgage Guaranty Insurance Corporation (MGIC), the nation's first private mortgage insurer, announced today the availability of mortgage insurance through WEI Technology LLC's loan origination system (LOS), LendingPad.
Through the MISMO-based integration, originators utilizing the LendingPad LOS can order MGIC rate quotes and delegated mortgage insurance without leaving the platform. This automation of data exchange helps improve the loan origination process by saving time and increasing accuracy. MGIC is the first mortgage insurance company to integrate with LendingPad.
"Customers are going to see a dramatic increase in efficiency as a result of integrating MGIC with LendingPad. We've streamlined the process so users can go from quoting MI rates to obtaining a mortgage insurance certificate in just a few clicks," said Wes Yuan, Managing Member of WEI Technology.
"Our new integration with LendingPad addresses the growing demand for automation in the loan origination process," said Margaret Crowley, Vice President of Marketing and Customer Experience at MGIC. "Our partnership with LendingPad further demonstrates our dedication to offering automated solutions to our customers."
MGIC, the principal subsidiary of MGIC Investment Corporation (NYSE: MTG), this year celebrates 60 years of serving the mortgage finance industry. MGIC serves lenders throughout the United States, Puerto Rico, and other locations helping families achieve homeownership sooner by making affordable low-down-payment mortgages a reality. At July 31, 2017, MGIC had $188.6 billion of primary insurance in force covering over one million mortgages.
LendingPad's innovative loan origination system (LOS) was created by mortgage professionals to modernize the complex loan origination process. The solutions LendingPad offers elevate the efficiency, compliance, and information security of brokers, lenders, banks and credit unions. LendingPad's unique features include customized dashboards, same-file multi-user capabilities and real-time loan updates. These solutions streamline the origination process, while lowering the total cost of mortgage lending. LendingPad is a product of WEI Technology LLC, headquartered in McLean, VA. More information is available at www.lendingpad.com.