Mortgage insurer Radian Guaranty Inc. announced that it has reduced mortgage insurance premiums for a number of different scenarios.
The new premiums apply to SplitEdge rates, which splits up mortgage insurance costs into an up-front premium of between 0.50 percent and 1.25 percent and a smaller monthly renewal.
Loans with FICO scores of at least 720 and loan-to-value ratios higher than 95 percent and up to 97 percent will see fixed base rates reduced by at least 8 basis points for up-front premiums.
Radian disclosed the updates in eBulletin 2013-2.
The Philadelphia-based firm said up-front options will also be adjusted for loans with FICO scores between 680 and 719.
On mortgages with LTVs higher than 90 percent and up to 95 percent with FICO scores ranging from 680 to 719, fixed base rates will be reduced on 25 percent and 18 percent coverages for all up-front options.
SplitEdge rates for all up-front options will now be available on fixed loans with LTVs that don’t exceed 95 percent and FICO scores between 620 and 679.
On loans with FICO scores between 680 and 719, rates will be adjusted down at least 10 BPS. For manufactured housing where the FICO score is at least 720, rates will be reduced 5 BPS.
Subject to regulatory approval, the new pricing impacts M.I. applications received on or after Sept. 3.
Full details about the new SplitEdge pricing are online at www.Radian.biz.
