Computer Power Inc. signed an agreement with PMI Mortgage Insurance to offer PMI' s mortgage insurance products on CPI' s communications network for the mortgage industry, the CPI Interchange.
The network will connect a lender's origination system to PMI for ordering mortgage insurance. Borrower information contained in the lender' s origination system will also be mapped and translated to PMI' s internal computer system. Typically, mortgage insurance is ordered by submitting a copy of the borrower' s application to the mortgage insurance company via fax. PMI's link with CPI's interchange will automate the process. PMI will be able to return order status and comments electronically and, in many cases, underwrite loans using its automated underwriting system. PMI Mortgage Insurance Co. is a San Francisco-based private insurer of residential mortgages. It is the third largest private mortgage insurer in United States. CPI, based in Jacksonville, Fla., is a division of Systematics Information Services Inc.