Genworth U.S. Mortgage Insurance (USMI) has announced the release of an enhanced, easy to use mortgage insurance (MI) rates and comparisons tool that can increase loan officer and processor productivity and let them quickly compare Genworth USMI rates or obtain a rate quote, so lenders can process loans faster. The new simplified rates and comparisons tool offers more features and functionality than versions currently available from other private mortgage insurance providers.
“The improved rates and comparisons tool offers customers the ease of use and robust features they want, and demonstrates Genworth USMI’s commitment to be their preferred business partner,” said Erika Stinson, digital channel product manager.
With the new tool, loan processors only need to complete five required fields to receive Genworth USMI mortgage insurance premium rates: loan amount; state; credit score; loan-to-value ratio; and loan interest rate.
Other enhancements include:
► New, simplified look and feel
► Auto-save results and revisit any time in the future
► HARP certificate search
► Email results findings with two clicks
► MI premium tax information
► Order MI from the tool, reducing data entry
► Dedicated underwriting help line
Users are able to edit loan parameters from within the tool, saving time. Users also can create as many loan scenarios as needed to evaluate how adjusting certain factors will affect the borrower’s payment, and email results without a login, all from within the tool.
The tool offers users an easy way to compare the cost of Genworth MI against insurance coverage from the Federal Housing Administration (FHA), which is especially useful in light of recent FHA premium increases that now make Genworth mortgage insurance cheaper than comparable FHA insurance.