[1]Arch Mortgage Insurance Company [2](Arch MI), a provider of private mortgage insurance based in Walnut Creek, California, and a wholly owned subsidiary of Arch Capital Group Ltd [2]., recently introduced Arch MI RateStar, the company’s new risk-based pricing program.
“Since its inception, Arch MI has encouraged its customers to expect more from mortgage insurance providers as we established our reputation for new and innovative product offerings,” said David Gansberg, president and CEO of Arch Mortgage Insurance Company. “Today, Arch MI continues down the path of innovation and product development with the introduction of RateStar–our new risk-based program for pricing mortgage insurance coverage.
According to Arch, RateStar uses a combination of loan characteristics and other risk factors to determine the most precise premium rate for each loan. With RateStar, lenders can compete more effectively, seek out fresh opportunities and open up new markets.
“We are excited to introduce RateStar," Gansberg said. "This innovative and dynamic solution will bring a wide range of benefits to loan originators and their customers. RateStar provides a more targeted approach than the conventional rate sheets used for decades in the industry. Instead of loans being grouped in large risk buckets, each loan will be priced based on its individual risk attributes."
RateStar is expected to be available in the fourth quarter of this year and will go well beyond traditional rate sheets to provide competitive MI premium rates.
“RateStar will not require any new data attributes so the transition to RateStar will be seamless and easy for lenders,” Gansberg concluded. “With its intuitive design and ready access, our customers will find RateStar is an easy-to-use tool to access competitive mortgage insurance rates.”