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22 | Th e M Rep o RT Feature Knowledge WHY LIA? The Largest Provider of E&O Insurance to AMCs in the U.S. SINCE 1977 POLICIES SPECIFICALLY DESIGNED FOR AMCS COMPETITIVELY PRICED COVERAGE NATIONWIDE COVERAGE WITH "A" RATED COMPANIES STATE AMC BONDS WITH NO ADDED FEES Contact Susan Lomeli Ph: (800) 334-0652 X 139 Fax: (805) 962-0652 CA License #0764257 Administrators & Insurance Services LIA_AMC_Print_Ad_Knowledge_2.2917x9.125.indd 1 2/11/15 7:18 PM Changing Lanes A t many industry offices, remnants of days gone by still linger—high-speed scanners in every office that rarely get used, reception areas that are no longer occupied because couriers and package delivery folks don't stop in much anymore, supply rooms full of folders and two-hole punch machines looking for a good home. In their place, you now see high-tech workstations complete with 22-inch monitors or side-by-side moni- tors. The benefits of this decade-long transi- tion are many. For example, today it only takes a few moments for MGIC to deliver a loan file for MI underwriting or contract underwriting via the company's secure loan origination website, the MGIC Loan Center. In contrast, in the era of paper loan applications, each loan delivery might cost up to $50 and take a day or two to arrive at one of the offices. Cost savings are seen throughout the entire operation, from office and storage space savings to the human cost savings brought about through automation. Processing and underwriting capacity have increased with the flexibility this new technology provides. It is no longer necessary to keep underwriters where paper loan files reside. As long as the underwriters have a high-speed internet connection and a secure work environment, they don't need to work where the lender is located. MIs no longer live in fear of the next business boom, because they can rapidly right-size their organizations to suit the changing business environment. This would not have been possible without the paperless solutions put in place over the last decade. Another byproduct of today's technology-based workflow is improved security as a result of going paperless. High-speed Information Super-highway I n today's ultra-competitive environment, it's critical to be as efficient as possible. Companies need to make it as easy as possible for your customers to do business with you. For MIs, this means it's extremely important to establish secure interfaces in their custom- ers' technology platforms in order to best serve them. Customers should be able to log into their organizations' systems, place an MI order that gets routed to their insurer at the same time they are processing their loan file, and get an instant decision—without having to log into a completely separate system. Improving the automation of all the transactions during the loan origination process is crucial to remaining competitive in this market. With automation comes efficiency, accuracy, and security, which leads to significant cost savings. This savings can then be passed on to borrowers. The future of the mortgage industry lies in the ability to securely share digital information between organizations in order to be as effi- cient and cost-effective as possible. That means there will be increasingly more third-party vendor integrations with loan origination systems (LOSs), product and pricing engines (PPEs), and document delivery and manage- ment systems. After all, why duplicate efforts? Whenever possible, companies should leverage the data and documentation that already exists in their own systems. That's why MGIC has already integrated with the leading LOS, PPE, and docu- ment management providers to ensure their customers have the capability to get accurate rate quotes, order MI, and send documents securely and directly through their systems. It is also important to actively participate in the Mortgage Industry Standards Maintenance Organization (MISMO). This allows compa- nies like MGIC to stay up-to-speed with the always-evolving data-sharing standards. For the industry to continue to evolve, it is critical all parties in the mortgage pro- cess—from originators to lenders to inves- tors to service providers—stay current on technology standards and secure, efficient methods of data and document sharing. Jerry Murphy is VP of Field Operations at MGIC, a private mortgage insurer committed to providing quality products and services while protecting investors from credit losses. Murphy has more than 24 years' experience in the mortgage industry, all of them with MGIC. Previous to his 14 years in field opera- tions, he was an applications development manager for MGIC's information technology team. In today's ultra-competitive environment, it's critical to be as efficient as possible.

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