NEW ORLEANS (March 21, 2000) -- eMagic.com is one step closer to its vision of becoming the leading business-to-business (B2B) e-commerce site for the mortgage industry. Today, eMagic.com announced its plans to offer services from Stewart Mortgage Information.
eMagic.com users will soon be able to order title and closing documents and services, property valuations, flood determinations, and credit information from Stewart Mortgage Information. SMI is the second service provider that will be accessible through eMagic.com. Plans to offer products and services from Chicago Title Insurance Co. and its CastleLink division were announced late last month.
"The ability for originators to order SMI's services is another important step in eMagic.com's evolution as we continue to automate the mortgage process," said Michael Meade, executive vice president and chief information officer, at eMagic.com. "Originators will be provided with a wealth of product and service choices with one simple click from their loan origination system (LOS). Additionally, all users benefit from eMagic's order management system which enables users to place orders, manage loan flow, and access documents delivered to eMagic.com."
SMI, a wholly-owned subsidiary of Stewart Information Corporation (NYSE-STC), says the alliance with eMagic.com to offer origination and back-office services through the electronic network will give lenders point-and-click access to products and services provided by SMI and its subsidiaries.
"Integrating eMagic.com with our own proprietary applications creates yet another electronic commerce option for our technology savvy customers," said Donald A. O'Neill, president and chief executive officer of SMI. "eMagic.com offers lenders a timely, consistent interface where users can access SMI's products and services."
eMagic.com will continue to increase functionality and its product and service offerings as it evolves into the mortgage industry's leading B2B electronic hub for mortgage professionals.
eMagic.com, LLC, is an e-commerce subsidiary of Mortgage Guaranty Insurance Corporation (MGIC) headquartered in Milwaukee, Wis. MGIC is the principal subsidiary of MGIC Investment Corporation (NYSE: MTG). eMagic.com's mission is to use emerging communications and decisioning technologies to provide an open, neutral B2B electronic hub to the mortgage industry that facilitates streamlined electronic mortgage assembly and delivery while preserving wholesalers' brands. eMagic.com's vision is to evolve into the industry's one-stop electronic hub by providing users with unmatched asset creation functionality and an information-rich, customizable desktop. In 2000, eMagic.com will focus on enhancing its functionality to include access to leading mortgage services providers; a leading rate-and-term search engine; a greater selection of wholesalers' products and services; and expanded front-end content.
Incorporated in 1994, SMI (www.smiservices.com) is a leading provider of mortgage information and services that accelerate loan origination and improve the performance of the post-closing function. From title information, flood determinations, property valuations, credit information and document preparation, SMI provides a full range of lender origination and back-office services. Customers nationwide rely on Stewart's expertise and integrated technology to provide solutions for their settlement needs.
Stewart Information Services Corporation provides title insurance and related services through more than 4,800 issuing locations in the United States and several international markets. A leading provider of real estate information technology and connectivity, Stewart (www.stewart.com) meets the needs of the real estate and mortgage industries through the electronic delivery of services needed for settlement.
Amy Goller Geoffrey F. Cooper
(414) 347-6436 (414) 347-2681