Genworth Offers Relocation Product With Discounted MI to Credit Unions

The U.S. Mortgage Insurance (USMI) unit of Genworth Financial Inc. has announced that it is offering a relocation product with discounted mortgage insurance (MI) premiums to help credit unions expand their market and pursue business from members relocated by corporate and military employers. Because members of the military tend to move more often than the average American family, this relocation product can allow credit unions that serve military members to offer an additional benefit that helps those who serve their country. The discount could save active duty military and non-military borrowers up to $500 over the typical five-year period in which Genworth holds an insured loan, based on a $200,000 30-year loan with a five percent downpayment and a borrower with a 660-679 FICO score. “Genworth recognizes that credit unions play a unique role in the mortgage marketplace. We’re committed to providing products and services designed specifically for credit unions that help these institutions increase revenues, reduce costs, and provide more value to members,” said John Clifford, USMI’s vice president of products and account development. Genworth’s USMI unit has a dedicated credit union team with the experience and market knowledge to help credit unions identify and offer unique opportunities for their members. And the company taps the experience of its many employees who have served in the military to help develop products and enhancements that help lenders better support military personnel.