Mortgage Coach has added National MI as private mortgage insurance provider on its home loan comparison platform, giving homebuyers who can’t easily put 20 percent down more options.

Soaring home prices mean it’s often hard for first-time homebuyers to save enough to make a 20 percent down payment on a home. Borrowers putting less than 20 percent down can choose between FHA, VA or USDA-backed mortgages, or take out private mortgage insurance to qualify for a mortgage that meets the requirements of mortgage giants Fannie Mae and Freddie Mac.

Norm Fitzgerald

“National MI is very pleased to integrate with Mortgage Coach, which helps millions of consumers make educated and informed decisions about home loans based on their individual financial goals,” said Norm Fitzgerald, chief sales officer with National MI, in a statement. “Mortgage professionals leveraging the Mortgage Coach platform will now be able to include our competitive rates in their loan quotes, resulting in much faster commitments and more borrowers benefiting from private mortgage insurance.”

The Mortgage Coach app. Credit: MortgageCoach.com.

Mortgage Coach generates Total Cost Analysis (TCA) presentations, which provide borrowers with side-by-side comparison of loan options, including loans with private mortgage insurance. Mortgage Coach standard integrations include National MI competitor, Arch MI.

The integration of National MI with Mortgage Coach “enhances and simplifies the process for obtaining MI rate quotes for National MI and Mortgage Coach customers by allowing them to receive the personalized rate quote instantly within the TCA presentation,” the company said. “Mortgage lenders can now access National MI’s real-time, risk-based mortgage insurance pricing through its Rate GPS tool without ever leaving the Mortgage Coach platform.”

Based in Emeryville, California, National MI is licensed to provide mortgage insurance in all 50 states and Washington, D.C. In its most recent quarterly report to investors, parent company NMI Holdings Inc. said the company posted $22.8 billion in new insurance written during April, May and June, up 73 percent from a year ago.

As of June 30, 2021, the company had master policies with 1,656 customers, including national and regional mortgage banks, credit unions, community banks, builder-owned mortgage lenders, internet-sourced lenders and other non-bank lenders.

Of the $138.1 billion of total insurance-in-force as of June 30, more than half covered mortgages secured by homes in 10 states: California (10.3 percent), Texas (9.8 percent), Florida (8.3 percent), Virginia (5 percent), Colorado (4.1 percent) Maryland (3.9 percent), Illinois (3.8 percent), Washington (3.6 percent), Georgia (3.5 percent), and Pennsylvania (3.2 percent).

Email Matt Carter

mortgages | technology
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