Mortgage Insurance (MI) - MGIC

Overview:

The user has the ability to choose from several MI vendors when attempting to obtain rate quotes during the Shop for Rates process.

Prerequisites:

MGIC MI Integrations must be configured by the System Administrator.

Instructions:

To select a product with MI rate quotes:

1. Navigate to Shop for Rates > Search Criteria for Get Rates > Mortgage Insurance
   • Mortgage Insurance should be set to one of the following:
     • Select One
     • All
     • Borrower Paid MI (BPMI)

2. The user should execute Shop for Rates once the other fields are filled in required to get a Loan Product back
   • Products with non-lender paid MI will display a link within the Pricing page
   • Users may click the MI link in order to view the MI Rate popup
     • The user may select the MI Type:
       • Monthly MI
       • Single Premium Non-Refundable
       • Single Premium Refundable
     • Users will notice several MI Vendor options available to select from:
       • Default – MI is chosen from an internal rate table
       • Arch – makes a request call to Arch to provide their current rate quotes
       • MGIC – makes a request call to MGIC to provide their current rate quotes
       • Radian - makes a request call to Radian to provide their current rate quotes

• The user may make a Request to a single vendor or Request All to get rate quotes from all integrated MI vendors
• Once the user selects a MI Rate and clicks the Done button several pricing calculations will update such as:
  • PITI and Closing Costs

3. The user will need to Apply or Update the application with the desired loan product to be redirected back to the Loan Details page or the application depending on how much information has been provided.
4. Within the Loan Details page Housing Expenses Break Down section user will notice that they have the ability to edit MI directly on the page
   • Users may click on the MI link to access the MI Rates popup they previously encountered.
   • Users will notice three MI Vendor options available to select from if they wish to change their MI Rates without navigating back to the Shop for Rates page

To view a MI rate quote document:

1. Navigate to DocVault > Underwriting
   • Users can view a MI Quote document if a request was made from a MI vendor
   • Users may view the requested MI Quote by clicking on the PDF icon under File

Note: When the user Creates Initial Disclosures the MI Rate Quote will be finalized. If the MI Rate Quote has changed from the time that the initial quote was obtained the user will be informed. Additionally, a new rate quote document will be generated and applied to the loan.