Genworth Mortgage Insurance Corp. is improving rates for some borrowers and raising them for others. It’s also accommodating Fannie Mae’s guidelines on sales of real-estate-owned properties.
On lender-paid mortgage insurance single-premium rates, a new credit score bucket is being created for borrowers with at least a 760 credit score.
In addition, the Raleigh, N.C.-based firm said LPMI rates are being reduced for some loans where the credit score is at least 680.
Genworth covered the enhancements in Announcement 2014-6.
However, the mortgage insurance company is increasing the rate on borrowers whose scores are less than 660.
The new rates go into effect on M.I. applications received on or after Aug. 18.
An updated rate sheet is online at .
Genworth additionally announced that loans which meet Fannie Mae’s HomePath Property guidelines are eligible for submission to Genworth for mortgage insurance. Genworth said it will align its guidelines with those announcement by Fannie in Selling Guide Announcement SEL-2014-07.
The alignment is immediately effective.
