Private Mortgage Insurance

An overview of how to set up and use Maxwells PMI integration

Overview

We're bringing Private Mortgage Insurance (PMI) shopping into the Maxwell Point of Sale. If you use Maxwell for Loan Products & Pricing with your Product & Pricing Engine (P&PE), your organization can opt-in to get PMI in the Point of Sale. This feature will be available for beta testing in Q4 with three PMI providers (see details below). If you would like to be part of the beta testing group please contact [e-mail] to get set up.

Maxwell's Private Mortgage Insurance (PMI) integration allows Maxwell Loan Officers to request quotes from all available PMI providers so they can shop for the best rate for their borrowers at the time of prequalification. This will allow the LO to get accurate PMI for pricing and pre-qual decisions in the POS.

• How It Works

• Screengrab Workflow

• MI Providers Supported

• MI Product Types Supported

• Enabling the MI Quotes Integration

How it Works

1. Lending org needs to provide a valid master policy number (lender identifier #) for each PMI partner. CS will need to enter each policy # in the admin customization hub.

2. From the Lender Hub go to the "Loan Products" tab and select a loan product card

3. In the upper right-hand corner of the loan pricing selection card, find the "Get MI quote" button (note this will only be enabled when PMI is required on the product)

4. After clicking the Get MI button, a Mortgage Insurance modal window will open

5. Use the dropdown to select which product type you'd like (e.g. Borrower Paid Monthly)

6. Click request quote to get MI pricing results and wait a few seconds to return results

7. Compare products and select a quote

8. See the updated pricing in the upper right-hand corner of the selected product

9. The selected quote will also be used everywhere in the POS where MI is required (e.g. pricing summary, pre-qual letters, and AUS)

Mock Workflow

New Get MI button will be available on selected loan products where MI is required.

Get real time price quotes from your providers and select the best option for your borrower.

Select which product type you would like in the request quote dropdown.

Selected MI will display where the Get MI button was previously. You can click on it again to change your MI selection.

MI selection will automatically map into other applicable areas of the POS: Pre-qual letters, AUS, and Monthly Payment

MI Providers Supported

We will support the six major MI providers in the US Mortgage Market.

• Arch

• Enact

• Essent

• National

• MGIC

• Radian

In Beta during Q4 2024: Arch, Enact, and MGIC

GA in Q1 2025: The three above and Essent, National, Radian

MI Product Type Selections Available

There are various types of Mortgage Insurance products available for example Borrower Paid Monthly Contstant Renewal or Lender Paid Monthly. We offer the avaialble product types to the lender via a dropdown at the time of product shopping. We do not support split payments at this time, but that is something that your organization could estimate later on in your LOS or directly with the MI provider.

• BPMI Monthly (Constant Renewal)

• BPMI Monthly (Declining Renewal)

• BPMI Single (Financed)

• BPMI Single (Non-Financed, Non-Refundable)

• BPMI Single (Non-Financed, Refundable)

• BPMI Split (Financed, Constant Renewal)

• LPMI

Enabling the MI Quotes Integration Beta

Value for Clients: This feature will allow lenders to price shop mortgage insurance within the POS and bring more accurate pricing into the pre-qualification experience. This will provide more accurate pricing when sharing loan options with borrowers and for pre-qualification analysis.

Beta Testing: We are offering beta testing of this feature with 3 MI partners in Q4. If you would like to be a part of this Beta testing please reach out to [e-mail]. Your organization will need to provide a valid master policy number (lender identifier #) for all PMI providers you work with.

We will roll this out for general availability with all 6 major integration partners in Q1 2025.