Arch MI accesses OpenClose pricing software

Arch Mortgage Insurance (Arch MI), a subsidiary of Bermuda-based Arch Capital Group, and OpenClose, a multichannel loan origination system (LOS) and mortgage software solutions provider, have completed a new integration allowing immediate access to Arch MI RateStar pricing from within the OpenClose LenderAssist LOS.

RateStar is a risk-based pricing program that matches Arch MI’s most competitive MI rates more precisely to individual loan risk. As a result of the integration, LenderAssist users can access RateStar pricing, then view side-by-side comparisons of multiple live Arch MI products and rates.

LenderAssist users can then select the best mortgage insurance option for their borrowers and automatically apply the selected Arch MI product and pricing to their loan.

“We are pleased to be the first MI company to partner with OpenClose,” said Chris Hovey, executive vice president and chief operating officer at Arch MI. “The completion of this RateStar integration means that LenderAssist customers now have access to a more competitive, sophisticated and dynamic MI pricing solution than conventional rate sheets. Customers will not only be able to quickly obtain RateStar quotes from within OpenClose’s multi-channel LOS, but also skip the cumbersome re-entry of data so that they can increase their productivity.”