National MI, a private mortgage insurance (MI) company, has successfully completed a systems integration with LPS’ MSP servicing platform, a servicing technology for the mortgage industry. The integration is expected to save mortgage servicers time and money by allowing the servicer to report MI billing and disbursements, new loans, cancellations and delinquencies electronically to National MI.
LPS’ MSP servicing technology platform gives mortgage bankers the ability to automate all areas of loan servicing, including loan setup and maintenance, customer service, cashiering, escrow administration, investor accounting and default management for servicers throughout the country.
“We appreciate National MI’s trust in LPS’ best-in-class servicing technology to help optimize support for their customers’ MI servicing process,” said LPS Chief Information Officer Joe Nackashi.
Both Fannie Mae and Freddie Mac approved National MI as a qualified mortgage insurer in January 2013. National MI began writing mortgage insurance in April of this year. In late July, National MI agreed to insure an amount approximating $5 billion in residential mortgages in its first risk transfer transaction with Fannie Mae, with an effective date of September 1, 2013.
Founded in 2012, National Mortgage Insurance Corporation (National MI) is headquartered in Emeryville, California, in the San Francisco Bay Area. NMI Holdings, Inc., National MI’s parent company, raised over $500 million of capital in a private placement of its securities in April 2012. National MI has received approval from Fannie Mae and Freddie Mac as a qualified mortgage insurer, and has been approved to provide mortgage insurance in 48 states and the District of Columbia.