Genworth Financial said its U.S. mortgage insurance unit is offering a relocation product with discounted MI premiums to help credit unions expand their market and pursue business from members relocated by corporate and military employers.
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Because members of the military tend to move more often than the average American family, Genworth said 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 5% downpayment and a borrower with a 660-679 FICO score.
