National MI and VirPack Expand Partnership to Support Delegated Underwriting
March 03 2020 - 8:00AM
National Mortgage Insurance Corporation (National MI), a subsidiary
of NMI Holdings, Inc. (NASDAQ: NMIH), and VirPack, a leading
document management and workflow automation solutions provider for
mortgage lenders, have expanded their integration to allow loan
file content within VirPack to be electronically delivered directly
to National MI for the private mortgage insurer’s Delegated
Assurance Review (DAR) program, in addition to its non-delegated
programs.
The two companies initially joined forces in
2014 with an interface that enables lenders using VirPack to
efficiently transmit loan documents for mortgage insurance
underwriting directly to National MI. The new, enhanced
integration allows for a smooth and easy delivery process for
National MI’s DAR lender customers.
“We are excited to expand our partnership with
National MI,” said Wayland Pond, VirPack’s COO. “We worked together
to build an interface between VirPack and National MI so lenders
can use our one-click direct delivery technology with National MI’s
DAR program. The automated application offers data and document
validation directly within the user interface. Customers are
alerted to any missing documents or data on each individual loan
file.”
“This expanded integration saves our DAR lender
customers time, and increases accuracy by automating the process of
document delivery,” said Norm Fitzgerald, chief sales officer at
National MI. “It was designed to make the document delivery process
as easy as possible in all of our underwriting channels.”
National MI is the first private mortgage
insurer to have an enhanced interface with VirPack that supports
delegated underwriting with Independent Validation. By performing a
post-closing review on all loans in its DAR channel, National MI’s
approach allows for a far smoother process for lenders.
Cautionary Note Regarding Forward Looking
Statements This press release contains forward looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended (the "Securities Act"), Section 21E of the
Securities Exchange Act of 1934, as amended (the "Exchange Act”),
and the U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements are statements about future, not past,
events and involve certain important risks and uncertainties, any
of which could cause our actual results to differ materially from
those expressed in our forward-looking statements.
Forward-looking statements in this press release include, without
limitation, statements regarding the performance of National MI's
technology integration. Any or all of our forward–looking
statements in this press release may turn out to be
inaccurate. More information about the risks, uncertainties
and assumptions affecting National MI can be found in the risk
factors and forward-looking statements cautionary language
contained in our Annual Report on Form 10-K and in other filings
made with the Securities and Exchange Commission. We
have based these forward–looking statements on our current
expectations and projections about future events and financial
trends that we believe may affect our financial condition,
operating results, business strategy and financial needs. All
forward–looking statements are necessarily only estimates of future
results, and actual results may differ materially from
expectations. You are, therefore, cautioned not to place undue
reliance on such statements. We do not undertake, and specifically
disclaim, any obligation to revise any forward-looking statements
to reflect the occurrence of future events or circumstances.
About National
MINational Mortgage Insurance Corporation (National MI), a
subsidiary of NMI Holdings, Inc. (NASDAQ: NMIH), is a U.S.-based,
private mortgage insurance company enabling low down payment
borrowers to realize home ownership while protecting lenders and
investors against losses related to a borrower’s default. To learn
more, please visit www.nationalmi.com.
About VirPackVirPack simplifies
virtual document management for the lending industry by providing
user-centric solutions for loan file management, e-delivery, and
file indexing with full text OCR to significantly increase
productivity and modernize business operations. A leader in file
automation and automated workflows – our solutions replace manually
complex and error-prone business processes with accuracy and
efficiency for resource-constrained teams. For 20 years we have
served the mortgage banking and financial services industries,
innovating and creating award-winning technologies and solutions
that have enabled customers to gain strategic competitive
advantages. For additional information,
visit www.virpack.com.
Press Contact for National
MIMary McGarityStrategic Vantage Mortgage Public
Relations(203)260-5476
MaryMcGarity@StrategicVantage.com
Press Contact for VirPack
Virginia S. CaseStraTac
Marketing(703)999-9912
VC@StraTacMarketing.com
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