Origination software firm LendingQB integrated underwriting guidelines from various private mortgage insurers into its automated underwriting platform.
The move allows users of the software to automatically calculate MI eligibility and pricing, so loan officers and underwriters are not forced to review each of the insurer’s individual guidelines to determine whether a loan is eligible.
"Our proprietary AUS already houses the entire set of underwriting manuals for each investor," said David Colwell, vice president of corporate strategy at LendingQB.
"By implementing MI eligibility guidelines and rate cards into our decisioning engine, clients are able to quickly render an accurate decision with the click of a button—without having to bounce to other applications. This makes it a breeze to shop for the best MI products and prices."
LendingQM says its system has all of the key underwriting criteria from Radian, MGIC, Essent and Genworth Financial.
The system automatically evaluates various guidelines — including borrower debt-to-income ratios — to partner loans with the appropriate MI carriers.