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Home Refinancing

Mortgage Technology Top Tech-Savvy Lender & Servicer

ENVOY MORTGAGE WINSEnvoy Mortgage of Wisconsin and California is an award winning lender homeowners and home buyers with their purchases and refinances.


Houston, TX – October 17, 2012 – Envoy Mortgage, a full-service mortgage banking firm operating retail branch locations across the United States, and currently originating mortgage loans in more than 47 states, was recently award Mortgage Technology’s 2012 Top Tech-Savvy Lenders and Servicers Award for the sixth consecutive year. Part of the 13th Annual Mortgage Technology Awards to be presented at the Mortgage Bankers Association’s 99th Annual Convention & Expo in Chicago, the award recognizes innovative technology developers and users that promote efficient and cost-effective lending practices. Envoy Mortgage will receive the award on October 21st at the event.

“A large part of Envoy Mortgage and its IT is based on the idea of continuous improvement,” said Mark James, Envoy Mortgage’s Director of Information Technology. “When you look at all aspects of hardware and software, it’s really about refining the customers’ experiences as well as our employees’ user experiences. Every piece of the business is looked at from an IT perspective which is where we get involved in more and more.” Envoy Mortgage is a pioneer in paperless loan origination, laying the green roadmap as early as the late 1990s. It boasts using one-tenth of the paper it originally did. “Today, we are completely in the cloud with our applications, and all data has been moved out of the four walls,” said David Zugheri, Co-Founder of Envoy Mortgage. “This is not just a mortgage technology thing—it’s a technology thing. We saw great efficiency and security, and it has been a seamless transition. Everything is backed up in multiple locations and everything is now offsite. We have thought it through, methodically, over a period of time. It is business as usual for our employees and for our customers. It just makes sense.”

Apart from implementing enterprise-wide business process management software, which permeates throughout all operations in the company, Envoy Mortgage is focused on data and using it to create efficiencies and to also enhance customers’ experiences—one of its core values. IT at Envoy Mortgage is strategic. “

IT doesn’t drive the business,” James said, “It solves the problems. It answers what the company needs to move forward. IT looks at every opportunity, gets a picture of what it looks like in the present, what it could look like in the future, and determines how IT can be put it in place across the board.” The IT infrastructure ties together all branches and its offshore location —integrating operations and also safeguarding for potential disasters. “With a modest staff, we rely heavily on our partners to help us achieve our goals,” James said. “We have become really good at integrating products and services to help the company do what it does best.” “You have to have faith in the technology to allow it to work for you,” Zugheri said.

About Envoy Mortgage
Envoy Mortgage is a full-service mortgage banking firm headquartered in Houston, TX that operates a network of retail branch locations across the U.S., currently originating in 47 states with several more pending. The branches offer a full menu of loan products and knowledge and expertise for all areas of the residential mortgage lending industry. Envoy’s technology enables the company to maintain a completely paperless, in-house origination process, reducing costs and improving efficiencies. For more information, visit or contact Michael Creed here at our Brookfield, WI office.


Conventional PMI Options

Mortgage-InsuranceIt’s common knowledge that home mortgage loans with less than 20% down typically need to be covered by some sort of mortgage insurance.

For conventional loans, it is usually referred to as “private mortgage insurance” (PMI), for government loans (FHA, VA and USDA), the insurance is some sort of program offered by the federal government that also has costs associated with it like PMI, but it has a different name.

While I am licensed to do all of these types of mortgages, for this post’s purposes, I will write only about the insurance that is private – PMI for conventional loans.

There are many different ways to insure a conventional mortgage. All of which are types of PMI. Each one is shown below.

Borrower Paid – Monthly
This is the PMI you probably know about; it’s simply a monthly insurance fee that you pay each month until your loan is eligible to be uninsured. For a well-qualified credit scenario, this tends to cost about .05% of your loan amount each month; for a $200K loan, that’s about $100 a month.

Borrower Paid – Single
This is a one-time fee paid at closing by you or by the home-seller that covers the loan until it is paid in full. For a well-qualified credit scenario, this tends to cost about 1.7% of your loan amount; for a $200K loan, that’s about $3,400. If you do the math, you will see that $100 per month versus $3,400 paid once has a break-even point of 34 months. This means that this option is typically much better than “Borrower Paid – Monthly” if you intend to keep the loan long-term. It’s of incredible value if you can get your seller to cover that cost for you at closing (have your real estate agent talk to me before writing your offer)!

Lender Paid – Single
This is the same as “Borrower Paid – Single” but the lender increases your rate to cover that cost – typically the increase is 0.375%-0.75% in rate depending on the loan amount and the credit-scenario. This is a great way to make your mortgage insurance tax deductible. Presently, mortgage insurance is not tax deductible. If we build it into your rate, it becomes interest and, in most cases, will become a tax deduction for you. Check with your CPA to make sure you can write it off (I have to say that because I am not a CPA)!

Borrower Paid – Split Premium
This is a hybrid of the first and second options above; you or your seller pays a one-time fee at closing of 1% of the loan amount and you then pay a monthly cost of about 0.0275% each month for well-qualified credit borrowers. In dollars, using the $200K loan amount example above, this would be $2,000 one time and about $55 per month.

To get numbers for each of these options for your specific loan scenario, whether you are in Wisconsin or California, please be sure to contact me for more information.