Use Agency (GSE) score selection methodology of middle/lower then lowest. Choose the
middle score for each borrower; then choose the lowest of all the middle scores.
Select when borrower(s) do not have a valid credit score, including no credit scores.
Loan to Value ratio calculated according to standard Agency (GSE) guidelines,
non-inclusive of financed MI premiums.
Used to calculate P&I for borrower paid products.
Used to calculate P&I for lender paid products.
Used to calculate P&I for FHA comparison.
Zero Monthly/Monthly Premium MI – Refundable features a coverage
term of one month; premiums are remitted monthly. Zero Monthly features no initial
premium required at closing.
Monthly/Zero Monthly Premium MI – Nonrefundable same coverage terms
as above but with a lower premium. No premium will be refunded when cancelled, unless
cancelled under the Homeowners Protection Act of 1998.
Level Annual Premium MI – Refundable features a coverage term of
twelve months; premiums are remitted annually.
Single Premium MI – Refundable provides refunds according to the
refund schedule when cancelled or at any time if a refund is required under the Homeowners
Protection Act of 1998.
Single Premium MI – Nonrefundable features a lower premium, however
no premium will be refunded when cancelled, unless it is required under the Homeowners
Protection Act of 1998.
* Please Note: Lender Paid Single Premium MI is always
Split Premium MI features a lower monthly rate
combined with an upfront premium due at closing.
For application received prior to 1/10/2014 or for states that have not yet approved the 1/14/2014 rate filing, please see the applicable rate card for the upfront rate assigned to each plan.
Split Premium MI - Refundable provides refunds according to the refund schedule when cancelled or within the first 6 years if a refund is required under the Homeowners Protection Act of 1998.
*Please Note: Lender Paid Split Premium is always Nonrefundable.
Fixed (for the first 5 years): Level P&I payments for the first 5 years,
including ARMs > 5 years.
Non-fixed: P&I payments adjust or have the potential to adjust within
the first 5 years.
Defaulted to Agency (GSE) Standard MI Coverage Requirements based on LTV and Loan Term.
* Please Note: The defaulted coverage may not represent your
investor's coverage requirements. Consult your investor's guidelines for applicable coverage
For Level (Constant): Renewal rates are applied to the original loan balance and adjust at year
11 – term.
For Amortized (Declining): Renewal Rate is applied annually to the outstanding loan balance for
years 1 – term.
Total monthly obligations to income ratio calculated according to standard Agency (GSE) guidelines.
Select whether the upfront MI premium will be financed into the loan amount. The Base Loan Amount
entered should not include the Financed MI. The Total Loan Amount will reflect the base loan amount
+ financed MI.
Refer to Genworth guidelines for Area Median Income (AMI), Homebuyer Education, etc. requirements.
Follow Agency (GSE) guidelines for the definition of a first time homebuyer.
Enter the last 4 digits of your organization's Master Policy number.