MGIC Acquires Myers Internet, Inc.
15 January 2006
MILWAUKEE, Jan. 13 -- Mortgage Guaranty Insurance Corporation (MGIC), the primary subsidiary of MGIC Investment Corp (NYSE: MTG), announced today it has acquired Myers Internet, Inc., a leading provider of web-based point of sale solutions for mortgage originators and real estate agents.
Myers Internet automates many parts of the real estate mortgage transaction, ultimately making the home sale and mortgage origination processes easier and less expensive for all parties involved. The Myers platform also augments MGIC's eMagic subsidiary, the mortgage industry's leading portal providing a collaborative work environment for originators, lenders and vendors. Specifically, eMagic offers access to automated underwriting (AU) decisions, mortgage insurance, contract services, bundled services, rate locks, document imaging and delivery, and more. In addition, the Myers platform complements many of MGIC's other services such as contract underwriting, homebuyer education and lead generation.
"Myers is the top provider of websites for mortgage brokers in the mortgage industry and has made strong inroads with real estate agents," said Curt S. Culver, Chairman, President and Chief Executive Officer of MGIC Investment Corporation and MGIC. "By acquiring Myers, MGIC can bring further efficiencies to mortgage lending. This will benefit our customers and ultimately homebuyers."
Myers will be a wholly-owned subsidiary of MGIC, called Myers Internet - an MGIC company, and will continue to operate as a separate entity.
"With this merger, Myers customers are getting the best of both worlds," said Warren Myer, founder and Chief Executive Officer of Myers Internet, Inc. "We will continue to do what we do best while gaining valuable insight from MGIC's industry experience. Leveraging what MGIC already brings to the market, such as eMagic, allows us to expand the value we bring to our customers."
About MGIC
MGIC ( http://www.mgic.com ), the principal subsidiary of MGIC Investment Corporation, is the nation's leading provider of private mortgage insurance coverage with $170.0 billion primary insurance in force covering 1.3 million mortgages as of December 31, 2005. MGIC serves 5,000 lenders with locations across the country and in Puerto Rico, helping families achieve homeownership sooner by making affordable low-down-payment mortgages a reality.
About Myers Internet, Inc.
Myers Internet ( http://www.myers.com ) is a leading provider of web-based solutions to small and midsized companies in the mortgage and real estate industries. Myers has been providing solutions to mortgage originators since 1995 and hosts over 7,000 mortgage originator and real estate websites.
Source: prnewswire
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