GREENSBORO, N.C.–(BUSINESS WIRE)–Arch Mortgage Insurance Company (“Arch MI”), a leading provider of
private mortgage insurance (MI) and a wholly owned subsidiary of Arch
Capital Group Ltd., and OpenClose®, an industry-leading multi-channel
loan origination system (LOS) and digital mortgage fintech provider,
have launched a new integration that enables their customers to complete
an MI order and receive the MI certificate without leaving the LOS —
speeding processing and lowering costs for mortgage lenders.
Arch MI and OpenClose launch a new integration enabling customers to complete an MI order and receive the MI certificate without leaving the LOS.
Arch MI’s new MI order functionality supports both delegated and
non-delegated mortgage insurance orders initiated from within the
OpenClose LenderAssist™ LOS. The new integration adds a streamlined
workflow-driven process for users to get an Arch MI quote, place an MI
order and receive the MI certificate and pricing data, all within the
The new integration allows OpenClose LenderAssist users to view rate
comparisons and lock in Arch MI RateStar® pricing. Now celebrating 10
years as the industry’s leading risk-based MI pricing solution, RateStarSM
evaluates a wide variety of loan characteristics to provide the most
tailored, complete and precise MI rate. Arch MI was the first MI company
to provide LenderAssist users access to live MI pricing together with
side-by-side comparisons for multiple Arch MI products and rates —
capabilities that continue to be available within the updated system.
“The new, enhanced integration with OpenClose’s LOS platform brings the
entire MI function full circle, delivering increased efficiencies for
pricing, ordering and producing certificates,” said Carl Tyree, EVP and
Chief Sales Officer at Arch MI. “One of our goals at Arch MI is to make
our industry-leading products available wherever lenders want to do
business with us, and we are proud to be the first MI to offer a fully
integrated set of services on the OpenClose platform.”
“We’ve enjoyed a tremendous relationship with Arch MI and are pleased to
strengthen our integration to deliver more value to our mutual
customers,” stated Vince Furey, Chief Revenue Officer at OpenClose.
“Enhancing our integration with Arch MI is of particular importance as
it establishes an automated workflow that speeds processing time and
helps reduce the cost to manufacture loans.”
About Arch Mortgage Insurance Company
Arch Capital Group Ltd.’s U.S. mortgage insurance operation, Arch MI, is
a leading provider of private insurance covering mortgage credit risk.
Headquartered in Greensboro, North Carolina, Arch MI’s mission is to
protect lenders against credit risk, while extending the possibility of
responsible home ownership to qualified borrowers. Arch MI’s flagship
mortgage insurer, Arch Mortgage Insurance Company, is licensed to write
mortgage insurance in all 50 states, the District of Columbia and Puerto
Rico. For more information, please visit archmi.com.
Founded in 1999 and headquartered in West Palm Beach, Florida,
OpenClose® is a leading enterprise-class, multi-channel loan origination
system (LOS), POS digital mortgage and fintech provider that cost
effectively delivers its digital platform on a software-as-a-service
(SaaS) basis. The company provides a variety of innovative, 100 percent
web-based solutions for lenders, banks, credit unions and conduit
aggregators. OpenClose’s core solution, LenderAssist™, is comprehensive
loan origination software that is completely engineered by OpenClose
using the same code base from the ground up. The company offers a
RESTful API suite that standardizes system-to-system integrations,
making them easier to develop, quicker to implement and more cost
effective. OpenClose provides lending organizations with full control of
their data and creates a truly seamless workflow for complete automation
and compliance adherence. For more information, visit https://www.openclose.com/
or call (561) 655-6418.