JACKSONVILLE, Fla., March 6, 2013 /PRNewswire/ -- Lender Processing Services, Inc. (NYSE: LPS), a leading provider of integrated technology and services to the mortgage and real estate industries, announced the launch of new Mortgage Insurance (MI) products through the LPS Loan Quality Gateway ®. Customers may now place automated orders for MI products for reduced processing time and fewer manual errors.
The LPS Loan Quality Gateway is an open technology platform that provides the integrations, data management, decisioning and workflow management required for current and emerging loan quality programs through a 24/7 data exchange connected to more than 15,000 of the mortgage industry's service and solution providers. Through this platform, lenders can now access new MI products through LPS to order rate quotes; eligibility and rate quote checks; and MI Certificates. The LPS Loan Quality Gateway is a strategic component of LPS' origination technology growth initiative.
"This new enhancement offers lenders more accurate, standardized and efficient selection of mortgage insurance, while helping them better meet the challenges of new regulations and requirements for overall loan quality," said LPS Chief Operating Officer Dan Scheuble. "The new MI products offered through LPS are one more way we can help lenders and service providers work together toward a more transparent, data-centric loan origination process."
Currently, several leading MI carriers ̶ including United Guaranty, MGIC, Genworth, Essent Guaranty, Inc. and Radian, among others ̶ are integrated with the LPS Loan Quality Gateway, offering lenders one convenient source for MI carrier integrations. By providing accurate, up-to-date rate and renewal information directly from each MI carrier, LPS help lenders eliminate the cumbersome process of maintaining internal mortgage insurance rate tables, while reducing data-entry time and errors through the systemic delivery of data and documents. The LPS Loan Quality Gateway can also manage a lender's mortgage insurance vendor compliance rules, including best-fit formulas, and provide continuous access to MI carriers throughout the mortgage life cycle.