First On The Block
April 17, 2002
ABC Virtual, MGIC Form Alliance
Inman News Features
ABC Virtual and Mortgage Guaranty Insurance Corp. today announced an interface between ABCV?s ECLoanPro Loan Origination System and MGIC?s Mortgage Insurance Service.
According to ABC Virtual, it is the first LOS to embed an MI order/delivery Web service using the Mortgage Industry Standards Maintenance Organization XML 1.1 data standards.
The newly implemented standards aim to define the data needed to electronically place orders for mortgage insurance and receive an underwriting decision and MI commitment certificate.
"ABC Virtual is excited to be the first mortgage loan origination system to implement the MISMO XML standards for ordering/delivery of Mortgage Insurance," said Mary Sudak, director ? mortgage technology for ABC Virtual. "This newest enhancement to ECLoanPro provides ECLoanPro customers with tremendous value, by ensuring they will never have to leave the LOS and enter another application (or Web browser) to order an MI transaction the origination process is streamlined."
There is a movement toward XML in the mortgage industry to deliver a variety of Web services to streamline contract underwriting, facilitate servicing transfers and offer vendor services like mortgage insurance, according to ABC Virtual.
ABC Virtual is an Internet software product and e-business consulting services company.
MGIC, the principal subsidiary of MGIC Investment Corp., is a provider of private mortgage insurance coverage with $190.6 billion primary insurance in force covering 1.6 million mortgages and serving 12,000 lenders with locations across the country and in Puerto Rico and Jamaica.
Copyright: Inman News Service