“RateStar will not require any new data attributes so the transition to RateStar will be seamless and easy for lenders,” Gansberg concluded. 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. Instead of loans being grouped in large risk buckets, each loan will be priced based on its individual risk attributes." RateStar provides a more targeted approach than the conventional rate sheets used for decades in the industry. "This innovative and dynamic solution will bring a wide range of benefits to loan originators and their customers. “We are excited to introduce RateStar," Gansberg said.
With RateStar, lenders can compete more effectively, seek out fresh opportunities and open up new markets. Manufactured housing is subject to federal standards established in 1976 by the Department of Housing and Urban Development (HUD). “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.Īccording to Arch, RateStar uses a combination of loan characteristics and other risk factors to determine the most precise premium rate for each loan. Manufactured Housing is a property type defined as a factory-built home on a permanent frame with a removable transportation system, delivered and permanently attached to a site-built foundation. “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.
Arch Mortgage Insurance Company (Arch MI), a provider of private mortgage insurance and a wholly owned subsidiary of Arch Capital Group Ltd., recently introduced Arch MI RateStar, the company’s new risk-based pricing program.
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