Mortgage Coach, developer of the Total Cost Analysis (TCA) presentation designed to improve mortgage borrower conversions, has completed an integration with Arch Mortgage Insurance Company (Arch MI), a leading provider of private mortgage insurance (MI) and a wholly owned subsidiary of Arch Capital Group Ltd.
Mortgage lenders use the Mortgage Coach platform to compare and share loan options with borrowers through an interactive TCA presentation. The addition of Arch MI RateStar® on-demand pricing enables loan officers (LOs) to quickly and accurately educate borrowers on the impacts that MI has on closing costs, monthly principal and interest payments and total payments over the life of the loan.
LOs can easily request current Arch MI quotes through Mortgage Coach for loan scenarios and side-by-side cost comparisons of options like monthly and single-premium MI.
“Mortgage insurance makes homeownership possible for many people,” said Bruce Dickinson, Senior Vice President of Mortgage Lending at First Tech Federal Credit Union. “Our annual need for loans requiring mortgage insurance is expanding as home affordability continues to be a challenge for our members. This innovation will help more of our members better understand how mortgage insurance can be part of their home loan strategy, which is valuable in every market we serve.”
“The addition of instant Arch MI quotes clearly enhances originators’ presentations using Mortgage Coach technology that today’s homebuyers are comfortable with,” said Will Vickers, Arch MI’s Vice President of Industry Technology. “Borrowers will be able to make more informed choices when they use a TCA and review scenarios for loans with mortgage insurance competitively priced by RateStar℠, the industry’s first risk-based MI premium pricing tool.”
The Mortgage Coach Arch MI integration is now available to any lender with access to Mortgage Coach Enterprise Edition and an active Arch MI master policy.
About Arch MI
Arch Capital Group Ltd.’s U.S. mortgage insurance operation, Arch MI, is a leading provider of private insurance covering mortgage credit risk. Headquartered in Greensboro, North Carolina, Arch MI’s mission is to protect lenders against credit risk, while extending the possibility of responsible homeownership to qualified borrowers. Arch MI’s flagship mortgage insurer, Arch Mortgage Insurance Company, is licensed to write mortgage insurance in all 50 states, the District of Columbia and Puerto Rico. For more information, visit archmi.com.
About Mortgage Coach
The Mortgage Coach suite of enterprise online and mobile applications enhances the conversation between the borrower, mortgage professional and Realtor®, enabling a confident mortgage decision. Thousands of banks and lenders rely on Mortgage Coach to turn borrower education into a competitive advantage. With Mortgage Coach technology, financial and real estate professionals provide clearly illustrated mortgage options with detailed financials, charts, video narration and live updates on any device, ensuring an informed home loan choice. Learn more about how to add the power of Mortgage Coach to your lending platform by visiting mortgagecoach.com/archmi.
Source: Arch Capital Group Ltd.
ARCH MORTGAGE INSURANCE COMPANY | 230 NORTH ELM STREET GREENSBORO NC 27401 | ARCHMI.COM
© 2020 Arch Mortgage Insurance Company. All Rights Reserved. Arch MI is a marketing term for Arch Mortgage Insurance Company and United Guaranty Residential Insurance Company. Arch MI RateStar is a registered mark and RateStar is a service mark of Arch Capital Group (U.S.) Inc. or its affiliates. Realtor is a registered mark of the National Association of REALTORS.