PMI Rate Pro Ensures Efficiency Of Mortgage Loan Officers As The Market Grows

Editor’s Note: Startland News has selected 10 Kansas City companies to highlight for its annual list of startups to watch. The following is one of the companies from 2021. Click here to view the complete and ranked list of startups to watch – brought to you by sponsors Husch blackwell and the Ewing Marion Kauffman Foundation.

TThree years after working as a mortgage loan officer, Nomi Smith realized she wasn’t doing all of her clients justice because there wasn’t enough time to buy all the mortgage insurance quotes. private (PMI) available, she shared.

“It was then that I knew I had to create a tool that [PMI] more efficient quote process for loan officers, ”said Smith, co-founder PMI Pro Rate with Luc Landau. “When we created it, we found that the industry was in dire need of new, effective tools, and that’s why we’re growing.

PMI Rate Pro ensures that mortgage loan officers can offer their clients the most affordable and convenient options because it is integrated with six PMI providers, Smith said. The average loan officer will spend 12 hours a month checking quotes, while it takes less than a minute with her tool, she added.

The duo launched PMI Rate Pro in 2019, but their product wasn’t industry ready until March 2020 – the same month the COVID-19 pandemic pivoted many companies.

“In fact, we were able to grow during the pandemic,” Smith said. “I think it helped us because mortgage banks and lenders got very busy during the pandemic because rates went down. For the companies, they wanted to be more efficient operationally and commercially, so we arrived at exactly the right time for this market.

The clients of the startup Overland Park include one of the largest wholesalers in the United States, she added.

As a beginning entrepreneur, Smith was initially unaware of the charms and challenges that exist in the entrepreneurial ecosystem, she shared.

“When we created [PMI Rate Pro], we tried to turn around and sell it very quickly. It didn’t work, ”Smith recalls. “We realized we had to fundraise… I’ve been fortunate enough to connect with a few different programs in Kansas City – like Pure Pitch Rally and Digital Sandbox – and it has helped us introduce ourselves to more people.”

Click on here to read how Nomi Smith secured $ 24,000 in funding at the 2020 Pure Pitch Rally.

As well as being founded on a premise to help loan officers and home buyers, PMI Rate Pro was designed with a culture of diversity in mind, Smith noted – adding that nearly 80% of the team are women from different and unique backgrounds.

In 2021, PMI Rate Pro is on track to be integrated into one of the largest loan origination systems, as well as one of the largest point-of-sale systems, she said.

“We also listened to the mortgage market to get their feedback on how we can improve and to see what else we can do,” Smith said. “It will truly be a year of rapid growth for us in terms of sales and people. So we have great things to come in 2021. “

Kansas City Startups Watch 2021 List Made Possible Through Featured Sponsors Husch Blackwell, a value-driven law firm with offices in Kansas City, and the Ewing Marion Kauffman Foundation, although independently produced by Startland News.

Startups to watch in 2021

1) Triple blind
2) Work table
3) K bar
4) Ronawk
5) SureShow
6) Doubler
7) PMI Pro rate
8) Scissors & Scotch
9) Replica
10) The basis of the market

Startups to Watch is now in its sixth year, thanks to continued support from Ewing Marion Kauffman Foundation, a private, non-partisan foundation that works with the education and entrepreneurship communities to create unusual solutions and empower people to shape their futures and succeed.

For more information visit www.kauffman.org and connect to www.twitter.com/kauffmanfdn and www.facebook.com/kauffmanfdn

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