MI Underwriting tool pulls documents and data directly from lenders, allowing mortgage insurers to make instant policy decisions at half the cost.
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Staircase, a platform that helps mortgage lenders integrate technology from multiple providers, has launched a new tool that it says allows private mortgage insurers to automate underwriting, slashing costs in half.
Staircase’s new tool, MI Underwriting, pulls documents and data directly from lenders, allowing mortgage insurers to make instant policy decisions at a cost of about $50 per loan file, half the current industry average, the company says.
Adam Kalamchi
MI Underwriting “delivers instant mortgage insurance decisions that can help insurers grow market share while allowing their lending partners to increase closing rates,” Staircase co-founder and CEO Adam Kalamchi said in a statement. “It’s a total game changer for the MI industry.”
Founded in 2020 by Kalamchi and Soofi Safavi, Staircase announced an $18 million Series A funding round in December, led by Bessemer Ventures, bringing the total raised to date to $24 million, TechCrunch reported.
In January, Philadelphia-based Staircase announced the launch of its “low-code marketplace,” allowing lenders to quickly build applications that automate mortgage processes. The company says its application programming interface (API) marketplace allows lenders to “dramatically accelerate the adoption of technologies by eliminating the complexities involved with integrations, data model mapping and security.”
In August, for example, Staircase announced a new API allowing lenders to embed automated underwriting technology used by Fannie…