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GE Mortgage Insurance Digitizes Its Business Helping Lenders Assist People Who Want To Own A Home Now.

RALEIGH, N.C., June 21 /PRNewswire/ --

With the launch of its business-to- business Internet site today, GE Mortgage Insurance is radically changing the way it does business. This online platform digitizes how lenders do business with GE, helping them drive costs out of the mortgage origination process, and deliver faster, more affordable loans to borrowers.

"We're now positioned to digitize every mortgage insurance process plus bring lenders an array of solutions from inside and outside GE to help them rip costs out of their businesses," said Tom Mann, GE Mortgage Insurance Chief Executive Officer. "Over the next year, we'll double the e-lending solutions we're providing at the fingertips of lenders and borrowers."

To deliver these solutions, GE Mortgage Insurance unveiled its revamped business-to-business site for mortgage lenders at

"This site is the platform to run our entire business over the Internet, and to deliver outside services as well," said Richard Nastasi, GE Mortgage Insurance Senior Vice President and e-Business leader. "Today, 90% of our business is available over the web and our Internet use is growing 20% a month. We're rapidly developing Internet products such as LPMI, and combining the power of GE e-business solutions, Six Sigma Quality processes and partnerships to make it fast, easy and profitable for lenders to do business with us."

The GE Mortgage Insurance site delivers value online to lenders in three major areas:

* Speed and Productivity Tools, developed and tested through GE's

rigorous Six Sigma Quality methodology, help lenders reduce expenses,

accelerate response time, and deliver low-cost solutions to borrowers.

- GE's digitized mortgage insurance solutions include delegated MI

through EXCEL(R), reduced-doc MI with Easy Submit(R), loan origination

system direct connections, access to commitments and certificates with

CertiPrint, MI servicing through CertiLINK(R), plus MI Reports.

- In the mortgage process, GE's automated underwriting system - AU

Central(SM) - provides originators with electronic point-of-sale access

to agency AUS systems with a rapid response return of results and

credit reports. AU Central(SM) enhancements will soon include

electronic access to several major conduits' underwriting engines.

- Using its world-class sourcing capability, GE will give lenders access

to a variety of third-party solutions to cut costs. For example, in

settlement services, GE can cut lender costs by decreasing cycle time

up to 50%, decreasing loan origination costs 20-40%, and cutting

fallout 10-20% to increase the volume of closed loans. Lenders also

have the online ability to monitor vendor performance and increase

customer satisfaction.

Product and Capital Solutions help lenders take advantage of GE's capital strength, products, risk-sharing expertise and structured transaction options to expand their markets and profitability.

Available in July, GE will add an Advantage LPMI Product Wizard to help loan officers compare BPMI vs. LPMI, and multi-lien structures, demonstrating savings offered by GE's product. Developed in conjunction with 25 lenders, Advantage LPMI can save borrowers $2,400 in after-tax mortgage payments.

The GE Single Financed Premium Analyzer helps loan officers explain and sell single financed premium as an alternative to 80/10/10 plans. This product saves borrowers money and helps lenders offer the appropriate product when originating a loan. Using GE's Single Financed Premium plan, a borrower purchasing a $150,000 home with a 10% down payment could save $4,600 in after- tax mortgage payments over a typical seven-year loan life.

GE provides lenders online product information and underwriting guidelines on programs such as A-, Alt A, and 100% LTV. These are new marketing areas where GE is working with lenders to expand originations.

GE will also add Lender Captive Wizard solutions to give lenders online access to product data, and the ability to assess the risk/reward of specific captive structures that can be executed with GE Mortgage Insurance.

Information and Support Tools give lenders online access to GE's Network of Knowledge including mortgage insurance rates and application forms, as well as GE Mail, industry publications, MSNBC and

"These tools and solutions cover our entire mortgage insurance portfolio including sales and pre-qualification, processing and underwriting, servicing, and our closing and loan disposition products and services," said Nastasi. "It's an electronic 'tool box' that compliments lenders' online capabilities, allowing them to serve customers better, faster and at a much lower cost."

About GE Mortgage Insurance

GE Mortgage Insurance, a unit of Raleigh, NC-based GE Mortgage Corporation, is a subsidiary of GE Capital. GE Capital, with assets of more than US$345 billion, is a global, diversified financial services company with 28 specialized businesses. A wholly owned subsidiary of General Electric Company, GE Capital, based in Stamford, CT, provides equipment management, mid-market and specialized financing, specialty insurance, and a variety of consumer services, such as car leasing, home mortgages, and credit cards to businesses and individuals around the world. The General Electric Company is a diversified manufacturing, technology, and services company with operations worldwide.
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Publication:PR Newswire
Date:Jun 21, 2000
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