Overview

This specification describes the communication between the lender's system and FinConnect. FinConnect offers RESTful Web services to facilitate integration between the two. HTTPS is the protocol to facilitate the communication between the lender and FinConnect.

Mortgage Insurance

A private mortgage insurance (PMI) is an insurance policy which compensates the lenders for the losses, when a borrower defaults on the mortgage loan payments or for the losses occurred due to any of the natural disasters. The lenders require home buyers to purchase a private mortgage insurance (PMI) whenever their mortgage down payment is less than 20% of the purchase price.

FinConnect supports the mortgage insurance (MI) services through the following service providers:

• Arch® MI

• Essent® MI

• Genworth® MI

Note: The customer should obtain MILenderIdentifier (Master Policy Number - MPN) along with the credentials from the service provider (Genworth).

System (Genworth) availability:

Rate Quotes - The service is available 24/7; Genworth will inform about the downtime, if any, due to maintenance activity.

MI Orders (delegated and non-delegated) – The service is normally available from Monday to Saturday between 7 AM till midnight ET and on Sunday 8:30 AM till midnight. Genworth will inform about the downtime, if any, due to maintenance activity.

• National Mortgage Insurance® (NMI)

• Radian® MI

• MGIC® MI

Note: For Basket Order, the operationType is estimatedratequote or detailratequote. The request URL has basketorder in the path.

For re-rate quote the operationType is detailratequote. The request has an attribute miApplicationRequestType set to value resubmission.

Third Party Originator (TPO) Loans

TPO loan means a mortgage loan which is originated by third parties such as brokers or correspondents.

• For the service providers Essent, MGIC, Genworth, and Radian, the following conditions need to be met for all TPO loans as part of FinConnect MI service request:
  In the MI service request, when  <PartyRoleType> = "LoanOriginator" and <LoanOriginatorType> = "Broker" or "Correspondent", then FinConnect has to add the below additional "PartyRoleType" containers:

1. <PartyRoleType> = "ThirdPartyOriginator"

2. <PartyRoleType> = "MortgageBroker" or "CorrespondentLender"

For the above additional <PartyRoleType> containers, the attributes/containers "fullName", "address", and "licensedetail" the values will be the same as the <PartyRoleType> = "LoanOriginator".

FinConnect returns error messages in the following scenarios:

• When the user sends <PartyRoleType> = "ThirdPartyOriginator" (with "fullName", "address", and "licensedetail") and fails to send the <PartyRoleType> = "MortgageBroker" or "CorrespondentLender" in the request

• When the user sends <PartyRoleType> = "MortgageBroker" or "CorrespondentLender" (with "fullName", "address", and "licensedetail") and fails to send the <PartyRoleType> = "ThirdPartyOriginator" in the request

• For the service provider Arch, the following conditions need to be met for all the TPO loans as part of MI service request:

When "<PartyRoleType>" = "LoanOriginator", LoanOriginatorType can have the values "Broker"or "Correspondent". There is no need to pass additional PartyRoleType containers.

Community Lending Program

The community lending mortgages are loan and mortgage programs which are aimed at low-to-middle income consumers. The properties which are eligible for community lending programs, need to be located in underserved areas. These areas are designated by the United States Department of Housing and Urban Development (HUD). The community lending home loan programs are offered by a number of financial institutions.

To get loan programs under community lending, FinConnect needs to send the communityLendingProductType attribute under affordableLending container and also need to set loanPrograms.loanProgram.loanProgramAffordableIndicator to 'true'.