FNC-MGIC Alliance Speeds Mortgage Insurance Turnaround for Lenders
September 24, 2002
FNC, Inc.,has formed an alliance with Mortgage Guaranty Insurance Corporation (MGIC) that will enalbe FNC's clients to access MGIC's mortgage insurance online through FNC's customizable software platform for lenders, the Collateral Management System™ (CMS). Upon completion of interface development of the FNC-MGIC alliance, FNC's CMS clients will have access to nearly half of the U.S. mortgage insurance market.
"In today's mortgage environment, mortgage insurance policies are being issued at a dizzying pace," said Cheryl Webb, vice president of marketing at MGIC. "Reducing paperwork and streamlining the order/delivery process through the appropriate application of technology solutions is a great benefit to all parties. Through this agreement, lenders will be able to order and receive our MI commitment/certificate quickly online, and integrate the data with other collateral documentation on the same property within the CMS, eliminating the need to rekey pertinent data."
"Lenders will benefit from this integrated link through faster access to an MI certificate," said Bill Rayburn, FNC CEO. "The faster MI turnaround benefits our mutual customers and their clients – the borrowers – because it means a faster overall loan decision. We're pleased to be partnering with MGIC on this deal."
In addition to MGIC's MI product, lenders using CMS are able to streamline collateral services procurement through links within CMS to more than 50 national vendors such as appraisal management companies, title providers, AVM providers, fraud detection services, inspection services, flood certificate providers, digital signature providers and thousands of individual appraisal and title service providers. The CMS is an internal, rules-based decisioning platform that provides lenders with the infrastructure for integrated communication and data exchange across multiple software programs. This infrastructure allows lenders to achieve benefits, such as reduced loan processing costs and increased quality control, that can be passed on to consumers.
Source; FNC Inc.