Genworth Mortgage Insurance has provided details about previously announced upcoming changes to its M.I. premiums.
Back in April, the
Raleigh, North Carolina-based company announced that premiums were being reduced and rate adjusters were being added.
The notice indicated that the planned changes will
result in an overall rate decrease for Genworth’s monthly plan of about 10 percent.
On Tuesday, Genworth issued
Announcement 2018-4 detailing the changes.
The national rate changes apply to transactions with single-premium, non-refundable, borrower-paid premiums and loans with a split-premium.
In addition to lower premiums, Genworth is also implementing new rate adjusters.
The mortgage insurer said transactions with more than one borrower will see a lower rate.
At the same time, mortgages where the borrower has a debt-to-income ratio in excess of 45 percent will be charged a higher premium.
Excluded from the changes on single-premium loans secured by properties located in Alaska, Hawaii and New York. On split-premium transactions, properties located in Alaska, Hawaii and Washington won’t be impacted by the changes.
Single-premium changes take effect on M.I. applications received on ore after June 19, while the split-premium changes go into effect on June 25.
“We understand that you may have unique pipeline clearance needs,” the announcement said. “To assist you, rate quotes received prior to the new rate plans effective date will be honored for 60 days from date of the quote.”
