MILWAUKEE, Aug. 14 /PRNewswire-FirstCall/ — Mortgage Guaranty Insurance Corporation (MGIC) mortgage insurance (MI) now offers a fully integrated MI application interface to mortgage lenders that are using Loan Producer(R) from Financial Industry Computer Systems, Inc. (FICS).
The new interface makes it possible to send MI applications directly from the Loan Producer system to MGIC. MGIC will automatically process the request and update the Loan Producer system as the status of the mortgage-insurance request changes. This creates a seamless mortgage insurance ordering process that increases the overall efficiency and speed for lenders.
Loan Producer is designed to save time and money in loan origination, processing, underwriting, closing and secondary marketing. The system is a true Windows(R) based 32 bit client/server system utilizing an ODBC relational database and is designed to provide all the features and functionality a lender requires.
With the new integration, lenders can quickly and easily submit data to receive MI commitments and updates for primary insurance requests.
About MGIC Investment Corporation
MGIC (http://www.mgic.com/), the principal subsidiary of MGIC Investment Corporation (NYSE:MTG) , is the nation’s leading provider of private mortgage insurance coverage with $186.1 billion primary insurance in force covering 1.3 million mortgages as of June 30, 2007. MGIC serves 5,000 lenders with locations across the country and in Puerto Rico and Australia, helping families achieve homeownership sooner by making affordable low-down-payment mortgages a reality.
About FICS
Founded in 1983 and headquartered in Dallas, Texas, Financial Industry Computer Systems, Inc. (FICS) specializes in providing flexible, comprehensive residential and commercial technology solutions to the mortgage industry. FICS’ solutions are designed around the latest in Windows-based technology, while incorporating innovative document management and Web-based capabilities into its full suite of products. Additional information about FICS is available via the company’s Web site at http://www.loanware.com/.
First Call Analyst:
FCMN Contact:
Source: MGIC Investment Corporation
CONTACT: Media, Katie Monfre, +1-414-347-2650, katie_monfre@mgic.com, or
Investors, Michael J. Zimmerman, +1-414-347-6596, mike_zimmerman@mgic.com,
both of MGIC Investment Corporation
Web site: http://www.mgic.com/
