Freddie Mac called in another heavy hitter to the lineup of GoldWorks electronic mortgage information network participants and is now running ahead of arch rival Fannie Mae in the electronic data interchange race. PMI Mortgage Insurance Co., of San Francisco, is the third-largest private mortgage insurer and, through GoldWorks, will allow lenders to obtain a PMI mortgage insurance certificate electronically. Lenders will also be able to access the pmiAURA automated underwriting system, which approves loans automatically. The GoldWorks pilot was launched during the California League of Savings Institutions' Western Secondary Mortgage Market Conference July 13.
The system, which consolidates Freddie's two existing communications platforms, will provide lenders a single path to its information services, including third-party mortgage data, mortgage security price data and Freddie's Gold Connection service. Freddie expects the system to be available to lenders nationwide by early 1995.