Improvements to mortgage insurance pricing were announced by United Guaranty Corp.
The Greensboro, N.C.-based firm issued a bulletin Wednesday indicating that risk-based pricing on its Performance Premium product is being enhanced.
United Guaranty said several pricing categories might see slightly less expensive premiums on some loan programs.
Among those who could see the cost of mortgage insurance drop are borrowers on second homes and non-refundable single-premium loans with loan amounts above $650,000.
The improved pricing impacts rate-quote requests received on Aug. 15 and later. The new rates are subject to state approval.
“Secure Quotes” are available as long as the mortgage insurance submission is received within 60 days of the rate quote and there are no changes in loan attributes.
“Remember, with United Guaranty’s Secure Quote, when we change our pricing after you get a rate quote, your loan is assured the most favorable pricing for the M.I. commitment whether it’s the pricing in effect at the time of rate quote, or the pricing in effect when the M.I. commitment is issued,” the mortgage insurer touted in the statement.
