MGIC Uses ALLTEL for Loan Boarding Notification and Delivery; Both Companies Lead MISMO Efforts

Apr 18, 2001, 01:00 ET from Mortgage Guaranty Insurance Corporation

    SAN FRANCISCO, April 18 /PRNewswire/ -- Mortgage Guaranty Insurance
 Corporation (MGIC) announced today that it led the effort to implement a
 significant enhancement to ALLTEL's InterChange network allowing customers the
 ability to create and deliver a notice of loan boarding.
     Specifically, through the MISMO-approved loan boarding XML DTD, ALLTEL's
 Mortgage Servicing Package (MSP) customers now have the ability to create and
 deliver a notice of loan boarding.  With this knowledge, the mortgage insurer
 is able to place the insurance in force if the coverage is monthly, as well as
 transfer servicing to the reporting servicer's insured portfolio.
     This enhancement significantly improves the premium billing payment
 process for both servicers and their mortgage insurers.
     "This newest enhancement to MSP, which is delivered via ALLTEL's
 InterChange network is a significant benefit to both mortgage insurers and
 servicers," said Richard Lembach, director of automated services at MGIC.
 "MGIC worked closely with ALLTEL and chaired the Mortgage Insurance Standards
 Group along with other mortgage insurance companies to ensure that all parties
 involved will benefit from the notice and delivery of loan boarding
 information. This ensures that the mortgage insurer is aware that the loan has
 closed and that the premium bill will be received."
     Ultimately, this feature will result in more accurate records, timely
 premium bills and correct correspondence.
     In addition to the ALLTEL process improvement, MGIC and ALLTEL lead the
 industry in ensuring that the new XML standards recently released by the
 Mortgage Industry Standards Maintenance Organization (MISMO) are adhered to
 and followed.  Both Richard Lembach and ALLTEL's Craig Foote are elected
 members of MISMO's Governance Committee.
     "ALLTEL welcomes the opportunity for MSP to become the first mortgage
 servicing platform to implement the MISMO XML MI Loan Boarding DTD," said
 Craig Foote, vice president of product planning at ALLTEL Financial Services.
 "This is a valuable enhancement which will improve the accuracy and efficiency
 of communication between mortgage servicers and mortgage insurance companies
 while leveraging the existing connectivity through ALLTEL InterChange. ALLTEL
 is proud of its leadership role in the MISMO standards effort, actively
 participating in several key workgroups and striving to represent the
 interests of its customers, which constitute a significant percentage of the
 largest mortgage servicers."
 
     About ALLTEL
     ALLTEL is the leader in the mortgage loan automation industry and the
 largest U.S. provider of software and processing services to firms servicing
 residential mortgage loans.  ALLTEL currently provides loan servicing
 automation for more than 20 million mortgage loans, with balances exceeding
 $2 trillion.
     ALLTEL, with more than 10 million communications customers, almost
 $7 billion in annual revenues and more than 26,000 employees, is a leader in
 the communications and information services industries.  ALLTEL has
 communications customers in 25 states and provides information services to
 telecommunications, financial and mortgage industry clients in 55 countries
 and territories.
 
     About MGIC
     MGIC, the principal subsidiary of MGIC Investment Corporation, is the
 nation's leading provider of private mortgage insurance coverage with
 $164.8 billion primary insurance in force covering 1.5 million mortgages as of
 March 31, 2001.  MGIC serves over 9,000 lenders representing more than
 22,000 locations nationwide and in Puerto Rico, helping families achieve
 homeownership sooner by making affordable low-down-payment mortgages a
 reality.  This and other MGIC press releases may be accessed via the World
 Wide Web at http://www.mgic.com or, a fax copy of this and other press
 releases may be obtained by dialing 800-758-5804, entering MGIC Company Code
 No. 526575 when prompted, and following the automated prompts.
 
 

SOURCE Mortgage Guaranty Insurance Corporation
    SAN FRANCISCO, April 18 /PRNewswire/ -- Mortgage Guaranty Insurance
 Corporation (MGIC) announced today that it led the effort to implement a
 significant enhancement to ALLTEL's InterChange network allowing customers the
 ability to create and deliver a notice of loan boarding.
     Specifically, through the MISMO-approved loan boarding XML DTD, ALLTEL's
 Mortgage Servicing Package (MSP) customers now have the ability to create and
 deliver a notice of loan boarding.  With this knowledge, the mortgage insurer
 is able to place the insurance in force if the coverage is monthly, as well as
 transfer servicing to the reporting servicer's insured portfolio.
     This enhancement significantly improves the premium billing payment
 process for both servicers and their mortgage insurers.
     "This newest enhancement to MSP, which is delivered via ALLTEL's
 InterChange network is a significant benefit to both mortgage insurers and
 servicers," said Richard Lembach, director of automated services at MGIC.
 "MGIC worked closely with ALLTEL and chaired the Mortgage Insurance Standards
 Group along with other mortgage insurance companies to ensure that all parties
 involved will benefit from the notice and delivery of loan boarding
 information. This ensures that the mortgage insurer is aware that the loan has
 closed and that the premium bill will be received."
     Ultimately, this feature will result in more accurate records, timely
 premium bills and correct correspondence.
     In addition to the ALLTEL process improvement, MGIC and ALLTEL lead the
 industry in ensuring that the new XML standards recently released by the
 Mortgage Industry Standards Maintenance Organization (MISMO) are adhered to
 and followed.  Both Richard Lembach and ALLTEL's Craig Foote are elected
 members of MISMO's Governance Committee.
     "ALLTEL welcomes the opportunity for MSP to become the first mortgage
 servicing platform to implement the MISMO XML MI Loan Boarding DTD," said
 Craig Foote, vice president of product planning at ALLTEL Financial Services.
 "This is a valuable enhancement which will improve the accuracy and efficiency
 of communication between mortgage servicers and mortgage insurance companies
 while leveraging the existing connectivity through ALLTEL InterChange. ALLTEL
 is proud of its leadership role in the MISMO standards effort, actively
 participating in several key workgroups and striving to represent the
 interests of its customers, which constitute a significant percentage of the
 largest mortgage servicers."
 
     About ALLTEL
     ALLTEL is the leader in the mortgage loan automation industry and the
 largest U.S. provider of software and processing services to firms servicing
 residential mortgage loans.  ALLTEL currently provides loan servicing
 automation for more than 20 million mortgage loans, with balances exceeding
 $2 trillion.
     ALLTEL, with more than 10 million communications customers, almost
 $7 billion in annual revenues and more than 26,000 employees, is a leader in
 the communications and information services industries.  ALLTEL has
 communications customers in 25 states and provides information services to
 telecommunications, financial and mortgage industry clients in 55 countries
 and territories.
 
     About MGIC
     MGIC, the principal subsidiary of MGIC Investment Corporation, is the
 nation's leading provider of private mortgage insurance coverage with
 $164.8 billion primary insurance in force covering 1.5 million mortgages as of
 March 31, 2001.  MGIC serves over 9,000 lenders representing more than
 22,000 locations nationwide and in Puerto Rico, helping families achieve
 homeownership sooner by making affordable low-down-payment mortgages a
 reality.  This and other MGIC press releases may be accessed via the World
 Wide Web at http://www.mgic.com or, a fax copy of this and other press
 releases may be obtained by dialing 800-758-5804, entering MGIC Company Code
 No. 526575 when prompted, and following the automated prompts.
 
 SOURCE  Mortgage Guaranty Insurance Corporation

RELATED LINKS

http://www.mgic.com