MILWAUKEE, April 4, 2017 /PRNewswire/ -- Mortgage
Guaranty Insurance Corporation (MGIC), the nation's first private
mortgage insurer, announced today the availability of mortgage
insurance through PreApp 1003, a cloud-based mortgage
pre-qualification system.
PreApp 1003 customers can now price loans with MGIC mortgage
insurance without leaving the system. This integration – unique to
PreApp 1003 and MGIC – allows loan officers to provide their
borrowers accurate, real-time mortgage loan rates that require
mortgage insurance. This automation helps improve the point-of-sale
experience of the loan origination process by saving time and
increasing precision.
"PreApp 1003 just got even more efficient for a loan originator
to pre-qualify a prospective borrower from a mobile device," said
Dru Brents, Founder and Chief
Executive Officer of PreApp 1003. "With MGIC mortgage insurance now
embedded in the system, loan originators can work DTI ratios more
quickly and accurately."
"PreApp 1003 is the best tool out there for both the client and
loan officer experience," said JP Hussey, Producing Branch Manager
at GMH Mortgage. "Data has also shown that 35% of all applications
this year will be from millennials, who work on the go, just like
loan officers. Having quick, mobile access to accurate MGIC
mortgage insurance rates in PreApp 1003 is a critical part of this
pre-qualification process."
"Our integration with PreApp 1003 addresses the need for quick
pricing in the mortgage loan pre-approval process," said
Margaret Crowley, Vice President of
Marketing and Customer Experience at MGIC. "This partnership
demonstrates our continued dedication to offering automated
solutions to our customers."
About MGIC
MGIC, the principal subsidiary of MGIC
Investment Corporation, this year celebrates 60 years of serving
the mortgage finance industry. As the founder of modern private
mortgage insurance, MGIC is committed to providing products and
services that make originating affordable low-down-payment
mortgages safer for the financial institutions served. Fulfilling
this vital role helps families achieve homeownership sooner. At
February 28, 2017, MGIC had
$182.9 billion of primary insurance
in force covering approximately 1 million mortgages.
About PreApp 1003
Founded in 2015, Houston-based PreApp 1003 was created to fill
a growing need for mortgage loan officers to easily and securely
prequalify mortgage applicants from the convenience of their
mobile devices. Being a cloud-based, text-initiated
system, PreApp 1003 helps from the point of referral, to
obtaining credit, calculating ratios and funds to close, to issuing
closing cost worksheets and conditional pre-approval
letters. It is simply the most efficient way for a Mortgage
Loan Originator to pre-qualify a prospective borrower all
from a mobile device.
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SOURCE MGIC Investment Corporation