Nomi Smith, Co-founder and CEO; Luke Landau, Co-founder Throughout history, successful entrepreneurs have gone up against obstacles and devised practical solutions. These proficient problem solvers have brought their ideas to life and led new revolutions across industries.
Nomi Smith and Luke Landau, the founders of PMI Rate Pro, are archetypes of such entrepreneurs who, today, are transforming the U.S. Mortgage Insurance sector.
While working as mortgage loan officers, the duo observed an industry trend where mortgage loan officers spent a great deal of time manually gathering private mortgage insurance (PMI) quotes from six private mortgage insurance providers. In 2018, the private mortgage insurance industry went from flat-based pricing to risk-based pricing. This change in pricing made pulling the cheapest quote for the borrower across all six major national PMI providers arduous.
To help MLOs efficiently and seamlessly pull quotes from different PMI sources, Smith and Landau developed an easy-to-use quoting platform that enables MLOs to fill out one brief form and generate results from all the national PMI providers within seconds. From there, they realized there was a further need by banks to not just quote but to do the end-to-end PMI process automatically by quoting, risk allocating, and ordering. PMI Rate Pro is the only system-agnostic PMI quoting tool in the industry that performs best-ex pricing, risk allocation, and ordering via a single JSON API. This empowers mortgage lenders to focus on mission-critical operations and helps banks improve efficiencies.
“Our technology solves risk allocation by combining it with pricing tolerance, offering MLOs a streamlined way to connect to all six PMI companies instead of setting up six separate connections,” says Smith, who is also the CEO of PMI Rate Pro.
PMI Rate Pro is an API-based plug-and-play platform that integrates with many available mortgage software solutions, such as loan origination systems, pricing engines, and point-of-sale solutions. The platform keeps MLOs safe from overextending their fixed parameters and ensures they have competitive PMI pricing, keeping the PMI payments low for borrowers and the MLOs compliant. The risk allocation capability allows lenders to effectively delegate risks among various MI vendors and have complete transparency in their pricing models.
As lenders give borrowers accurate information on lower-cost PMI and save money on their mortgage every month, it builds trust and faith between the two parties, who then stay in business for extended periods.
By offering borrowers low-cost PMI, MLOs devise lower overall pricing models, making them competitive, especially in the rising rate environment. The platform saves users over four hours a week, brings up to a five percent increase in conversion rates, and saves borrowers up to forty-five dollars monthly and four thousand dollars in single PMI. PMI Rate Pro generates monthly, single, split, and lender-paid PMI quotes from all six PMI providers within seconds. These benefits translate into increased sales and improved pullthrough. PMI Rate Pro’s partnership with NBKC bank paints an evocative picture of the various perks of the platform.
our technology solves risk allocation by combining it with pricing tolerance, offering MLOS and Mortgage software solutions an efficient way to connect to all six PMI companies instead of setting up six separate connections
Even after deploying suitable technologies, the loan officers of NBKC had gaps in their mortgage processing. The most prominent challenge was the inability to quote and compare all PMI options. To ensure they helped their clients to the best of their ability, NBKC implemented PMI Rate Pro. The bank’s loan officers could then pull rates from all national PMI providers, saving valuable time and offering their borrowers PMI at lower rates. Home buyers could save an average of five thousand dollars, and NBKC bank saved over 300K USD total in monthly borrower payments. PMI Rate Pro learns from its customers’ challenges and upgrades its platform to better address changing market conditions.
By enabling MLOs to offer better deals to their borrowers and focus on building and maintaining their relationship with them, PMI Rate Pro fosters trust in an industry that historically has had a substantially higher trust deficit. Looking ahead, Smith and Landau–with their commitment to helping MLOs–will expand the platform’s functionalities and offer lenders an expanded pool of borrowers.
“During the mortgage loan process, there are as many as four steps when it comes to PMI execution,” says Landau. “First, at the point of sale with the loan officer quoting PMI. Secondly, a processor will double-check and order the PMI. The mortgage underwriter will then finalize the order with the PMI provider. After closing, the closing department then activates the PMI. The cost to originate a mortgage has never been higher, and our end-to-end API will help reduce this by automating many of these necessary steps to execute a PMI order.
OVERLAND PARK, KS, UNITED STATES, -- PMI Rate Pro, a technology company hyper-focused on Private Mortgage Insurance, announced a groundbreaking advancement in the industry: a single API solution offering quoting, risk-allocation, and ordering functionalities for all six PMI providers. This innovative platform, built in cooperation with the mortgage insurance industry, streamlines the PMI process for lenders, unlocking unprecedented efficiency and transparency.
“As a technology solution with its genesis in my own experience as a loan officer, we deeply understand the challenges and opportunities in this market," said Nomi Smith, CEO of PMI Rate Pro. “Over the past four years, we've collaborated closely with MI providers, lenders, and mortgage software solutions to gather invaluable feedback and develop a solution that addresses the industry's pain points head-on.”
Mortgage insurance industry veteran and PMI Rate Pro strategic advisor Garrett Hartzog said the new ordering functionality complements PMI Rate Pro’s efforts to reduce MI-related friction in the mortgage origination process, creating a better experience and helping borrowers save money.
“This announcement cements PMI Rate Pro as the premier solution for interacting with the mortgage insurance ecosystem,” Hartzog said.
Lenders can shop, quote, and order PMI in one place
PMI Rate Pro develops tailored solutions to meet the PMI market’s unique needs. By actively partnering with all six mortgage insurers and mortgage software providers PMI Rate Pro provides seamless integration while addressing market demands.
“With this significant step forward, we anticipate that more mortgage software solutions will look to PMI Rate Pro as their mortgage insurance technology partner, rather than trying to reinvent the wheel,” said next-generation software expert and PMI Rate Pro strategic advisor Allen Pollack.
How the end-to-end solution works:
● Mortgage lenders and software solutions can integrate the end-to-end API quickly, minimizing workflow disruption and accelerating time-to-market. The API seamlessly integrates with popular loan origination systems (LOS), pricing engines, and point-of-sale (POS) platforms, requiring minimal development effort.
● The API offers flexible configuration options to tailor functionalities for lenders.
● Lenders can generate instant, personalized PMI quotes for borrowers directly within their software, eliminating manual processes and accelerating decision-making.
● Lenders can now order through the end-to-end API, reducing errors and saving valuable time.
“PMI Rate Pro's API unlocks the potential for true mortgage technology innovation, built on a foundation of deep industry understanding and collaboration,” said Tony Bolognese, PMI Rate Pro CTO. “Lenders & Mortgage Software solutions can leverage our solution to build custom functionalities, automate workflows, and deliver a superior PMI experience for all stakeholders."