MGIC Buys Myers Internet

The private mortgage insurer buys a key technology offering.
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Mortgage Guaranty Insurance acquired Myers Internet, an online mortgage outfit.

Terms weren't disclosed, but Milwaukee-based private mortgage insurer MGIC said Myers Internet automates many parts of the real estate mortgage transaction, ultimately making the home sale and mortgage origination processes easier and less expensive for all parties involved. The Myers platform also augments MGIC's eMagic subsidiary, which provides a collaborative work environment for originators, lenders and vendors. eMagic offers access to automated underwriting decisions, mortgage insurance, contract services, bundled services, rate locks, document imaging and delivery and more.

"Myers is the top provider of Web sites for mortgage brokers in the mortgage industry and has made strong inroads with real estate agents," said MGIC chief Curt S. Culver. "By acquiring Myers, MGIC can bring further efficiencies to mortgage lending. This will benefit our customers and ultimately homebuyers."

The move comes on the heels of an analyst downgrade of MGIC this morning, a day after the company posted disappointing fourth-quarter earnings.

Early Friday, MGIC fell $1.33 to $67.52.