Technology: Drive To Be Digital Motivates GE to Put Insurance Features Online.(Brief Article)

When GE Capital Mortgage Insurance, Raleigh, N.C., added new mortgage insurance management functions to its website, the company was following a credo that guides much of its business strategy these days.

"Our goal is to get every transaction with our customers Web-enabled so that if they choose to, they can go online and do it themselves," said Richard Nastasi, senior vice president and e-business leader for GE Mortgage Insurance.

The goal is to make the ongoing management of MI accounts faster, cheaper and easier - much as the online systems have been used to make the origination of a loan with MI coverage more efficient. At GE, a corporate goal of offering digital business transactions at every turn is part of the reason for putting servicing functions online.

Because just about every aspect of loan servicing is data intensive, managing insurance on a portfolio of mortgage loans lends itself to technology that makes data management more efficient.

The new GE "MI Servicer" site includes workouts, claims and delinquency reporting features. GE unveiled the site in February, with demonstrations being conducted at the annual mortgage servicing conference sponsored by the Mortgage Bankers Association of America in San Antonio. The MI servicing platform is essentially an evolution of GE's existing online loan servicing product. But it offers lenders information on procedures and training to help lenders manage their MI portfolios. By putting workout and claim options on the ...