MGIC Investment / Myers Internet

MGIC Investment's Mortgage Guaranty Insurance acquired Myers Internet, an online mortgage outfit.

Terms weren't disclosed, but Milwaukee-based private mortgage insurer MGIC said 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, which provides a collaborative work environment for originators, lenders and vendors. eMagic offers access to automated underwriting decisions, mortgage insurance, contract services, bundled services, rate locks, document imaging and delivery and more.

The move comes on the heels of an analyst downgrade of MGIC this morning, a day after the company posted disappointing fourth-quarter earnings.

Early Friday, MGIC fell $1.33 to $67.52.

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