Industry NewsTechnology

Mortgage insurance in 5 seconds

Real estate technology roundup

SearchMyLoan.com searches for PMI, too SearchMyLoan.com users can now shop for mortgage insurance using a search and pricing engine that matches a loan program and product with a mortgage insurance company in five seconds or less, the company says. Port Washington, N.Y.-based SearchMyLoan.com provides loan search and pricing services to mortgage bankers and mortgage brokers. Lenders typically require borrowers providing down payments of less than 20 percent to obtain private mortgage insurance. Many lenders are now shying away from "piggyback" second mortgages that allowed borrowers to avoid the requirement. At the same time, private mortgage insurers have tightened their underwriting standards, particularly in markets where prices are declining (see story). SearchMyLoan.com makes it easier for loan originators to see which mortgage insurance provider will approve a loan, or whether lender-paid mortgage insurance is available, the company said. After enteri...