Genworth U.S. Mortgage Insurance has created a rate and comparison tool for loan officers. The company claims its tool offers more features and functionality than versions currently available from other private mortgage insurance providers.
It compares a Genworth execution with that of the Federal Housing Administration program.
With this tool, loan processors only need to complete five required fields to receive Genworth premium rates: loan amount, state, credit score, loan-to-value ratio and loan interest rate.
Furthermore, the company has added such features as an auto-save function where the user can keep the results and revisit them any time in the future. There is also a Home Affordable Refinance Program certificate search. Users can email results findings with two clicks, can get MI premium tax information and can order MI from the tool, reducing data entry.
Users can create as many loan scenarios as needed to evaluate how adjusting certain factors will affect the borrower’s payment.
Genworth recently completed interfaces with Ellie Mae’s Encompass360 and Lender Processing Services’ PCLender loan origination systems for users to be able to easily order mortgage insurance policies from the company.