SAN JOSE, Calif.--(BUSINESS WIRE)--March 13, 2001-- Myers Internet, Inc., a leading provider of Internet infrastructure to the mortgage industry, announced today that is has built an interface on its OriginatorNetwork for Mortgage Guaranty Insurance Corporation (MGIC), allowing mortgage brokers to order private mortgage insurance (PrivateMI) from MGIC online.

MGIC is a private mortgage insurer that, in association with its affiliates, provides a number of products and services that enhance mortgage lenders' ability to meet the home loan needs of their customers.

``Myers Internet has made it even easier for mortgage brokers to access MGIC's mortgage insurance,'' said Sara Noel, marketing program manager at MGIC. ``The interface on the OriginatorNetwork will enable mortgage brokers to order PrivateMI from MGIC online quickly and easily.''

PrivateMI makes it possible for lenders to provide loans to borrowers who make less than 20 percent equity down payments. It is a financial guaranty that protects lenders from losses that occur when these borrowers default.

The insurer assumes a portion of a lender's risk in making a mortgage loan. For that risk, the insurer collects a premium from the lenders, which typically recovers the cost of the premium from the borrower. The risk in PrivateMI is that if a borrower defaults on a loan the insurer will have to pay a claim.

``OriginatorNetwork streamlines both the loan origination and closing processes,'' said Warren H. Myer, chief executive officer of Myers Internet, Inc. ``We view this relationship with MGIC as a tremendous opportunity to offer our network of more than 1,700 brokers and 10,000 loan officers a secure and efficient way to obtain mortgage insurance.''

About Mortgage Guaranty Insurance Corp.

MGIC, the principal subsidiary of MGIC Investment Corporation, is the nation's leading provider of private mortgage insurance coverage with $160.2 billion primary insurance in force covering 1.4 million mortgages as of December 31, 2000. MGIC serves more than 9,000 lenders representing more than 22,000 locations nationwide and in Puerto Rico. For additional information contact Amy Goller at amy_goller@mgic.com or visit the company's Web site at www.mgic.com.

About Myers Internet, Inc.

Myers Internet, Inc. is the leading provider of Internet infrastructure to the mortgage industry. Myers' solutions allow for a completely electronic transaction, connecting consumers with originators and originators with lenders and service providers. Using Myers' Webwiz technology, an originator can build a state-of-the-art customized Web site in minutes. Myers OriginatorNetwork enables originators to shop rates, process loans and connect to lenders electronically, resulting in faster processing and reduced costs. Myers electronic community is comprised of 1,700 brokerage companies with more than 10,000 originators. Its premier Web sites, OriginatorNetwork.com, BestRate.com and LoanApp.com are among the best-known mortgage-related sites. For more information visit www.myersinternet.com or call (408) 428-9960.

Back to press releases