Following the lead of a competitor, Genworth Mortgage Insurance is cutting its rates for borrowers with higher credit scores.
Monthly premiums on borrower-paid mortgage insurance are being updated by the Raleigh, North Carolina-based company.
Genworth said it is refining its credit tiers by expanding its credit score buckets from the four that are currently in place to eight.
The mortgage insurer disclosed the updates Tuesday in Announcement 2016-1.
Borrowers with credit scores above 740 and loan terms in excess of 20 years will see lower rates.
Also experiencing lower premiums will be borrowers with credit scores over 680 and loan terms of no more than 20 years.
But borrowers whose credit scores fall below 700 and whose loan terms exceed 20 years will generally see higher rates.
As part of the updates, adjustments will no longer be made for rate-term refinances or for loan amounts above $417,000 and up to $650,000.
Genworth’s changes follows a similar move late last month by Radian Guaranty Inc.
The new pricing applies to M.I. applications received on or after April 4. Rate quotes revived prior to the effective date will be honored for 60 days.
A new
rate card is online at .
