Mortgage Guaranty Insurance Corp. said its private mortgage insurance can be canceled electronically on Alltel's servicing platform, reducing waiting time for customers expecting refunds.
The insurance company will process cancellations through Alltel's system within 24 hours, as opposed to the two weeks it took before the enhancement.
About 50% of Mortgage Guaranty insured loans are serviced by lenders using the Alltel system. Alltel, Jacksonville, Fla., provides loan servicing automation for more than 20 million mortgage loans, with balances exceeding $2 trillion.
Mortgage Guaranty, a subsidiary of MGIC Investment Corp., provides insurance for 1.3 million mortgages in force of $138 billion, as of Dec. 31, 1998.