EDI allows you to transmit and receive data seamlessly over a common network, eliminating the need for data entry. Once a connection is established, this custom integration provides real time access to RMIC services so lenders can submit EDI transactions to RMIC to order mortgage insurance coverage, transfer servicing, remit premium payment, audit files and cancel mortgage insurance. Once a transaction is received, RMIC is able to respond with a real-time Mortgage Insurance decision, audit or premium billing. We can also use existing technology to allow the electronic images of the MI Commitment to be provided back to you, and, upon request, automatically activate the certificate on closed loans.

An EDI solution provides:

• Real-time access to RMIC for various services
• Elimination of the manual faxing of the 1008 and sticker application
• Reduction in cost per loan and increased efficiency
• Precise control over MI allocation for post-closing
• Confirmation MI has been ordered and mitigation of any “outstanding commitment” issues
• Accurate MI coverage by loan program
• Automated MI premium pricing