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UG Offers New Premium Option

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Private mortgage insurer United Guaranty said borrowers now have more options for up-front and monthly premiums.

A monthly split-premium option is now being offered by the Greensboro, N.C.-based firm, according to bulletin No. CA 2010-16. The option enables higher or lower up-front premiums by adjusting the monthly premium.

The enhancement is expected to result in minor updates to mortgage insurance company’s RAPid Link and Rate Runner.

Using traditional pricing, borrowers can utilize a monthly split premium option if they pay the mortgage insurance and their credit scores are at least 720. Annual split-premium options were already available.

Up-front premium rate options range from 75 basis points to 175 BPS and are not refundable.

The option can be used for United Guaranty’s PostPay, where the initial mortgage insurance premium is postponed until after the first loan payment.

The company said up-front rate options for Performance Premium loans range from 75 BPS to 225 BPS. No annual option exists for under the Performance Premium program.

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