Product Hatching Ideas

Add LPMI pricing with MI companies

39holl01 is a new Mortech customer. They have requested we add LPMI through the MI companies to our pricing. Jonathan stated that 2 of his investors require them to have their own LPMI certs for the LOs. Can we add to the drop down which currently has BPMI and LPMI (investor)?

Sounds like this was part of the plan when this tool was being built out but just hasn't been at the top of the list since then?

  • Chris Gibbons
  • Apr 14 2017
  • Moved to Prioritzation
Rating BOB-2
Revenue or Retention? Retention
Workaround Present No
Impact to Existing Customers Multiple
Customer ID(s) 39holl01,15cfss01
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  • Admin
    Lori Rezac commented
    April 14, 2017 17:58
    Erin Hussey (Inactive) added a comment - Feb 05, 2015 09:12 AM
    In speaking with some of CS, it sounds like this has been brought up by multiple customers.
    mike.sanleyMike Sanley (Inactive) added a comment - Feb 05, 2015 10:08 AM
    I have also had several requests for LPMI to be supported via the MI company cards. We have built specialty files for some key customers to allow them to price lpmi.
    Things to consider and maybe have support ask during calls:
    1. Will they want both BPMI and LPMI to compare in the same rate query?
    2. How to display results if lpmi is on Investors rate sheet vs MI company lpmi rate card. How do we trigger both or one over the other when pricing?
    3. Do we need to build in P/C or MI setup restriction functionality
    erin.husseyErin Hussey (Inactive) added a comment - Feb 05, 2015 01:05 PM - edited
    I know for sure that they have 2 investors that they specifically will only be pricing LPMI with the MI company.So for this customer, I believe that wouldn't need to compare but will verify for sure.
    jared.nielsenJared Nielsen added a comment - Feb 05, 2015 04:02 PM
    PH Meeting Takeaways:
    -Initially, this wasn't supported due to perception of low priority and was "phase two" of LPMI.
    -Big difference how our framework would support MI specific LPMI as opposed to investor specific LPMI (rate grids for investor)
    -Do customers want both investor and MI LPMI compared at the same time as a LMPI best ex?
    -LPMI is more popular due to QM changes.
    -Hunter to find old google doc with responses from customers about LPMI back when we rolled out investor specific LPMI.
    mike.sanleyMike Sanley (Inactive) added a comment - Jul 24, 2015 12:26 PM
    DIG-25963 We are currently building special addins to accomidate this for customers. Another file for DIG to manage.
  • Chris Gibbons commented
    April 14, 2017 18:04

    Chicago Financial has requested the ability to Choose LPMI(Lender) and Split MI. Currently we are only allowed to Choose BPMI and LPMI(Investor).  We have had several requests for this in the past and based on the standard response letting them know it is something we are considering has held off the continual inquiries but it seems to be coming up again. This ticket has existed for quite some time so I thought it would be best to revisit it due the current interest.

  • Admin
    Lori Rezac commented
    April 27, 2017 21:28

    Where there technical reasons why we didn't do this originally?  Different rate sheets for each individual lender?  Data we didn't have access to?

    Currently we support the LPMI provided on the rate sheet and provided through an adjustment.  These are supported using rate grids.

    Could this be a part of a bigger project?  More discussion is needed on this one.

    Need examples of what we are talking about with this ticket.

  • Admin
    Lori Rezac commented
    May 3, 2017 20:22

    After speaking with Ryan Rathe, it appears the reason we didn't do this initially was because of the customer impact/cost of doing the project.  Many of our customers get their rates either directly from the MI company, or through their LOS.  We would need a way to increase customer engagement in offering this.  There are lender-specific LPMI rate cards.  Lender that do not have these special rates would default to the base rates available on the MI company websites.  This will need to be addressed as a part of a bigger MI project, but we do not have the bandwidth to address this now.