Rate Express Field Definitions

Refer to our underwriting guidelines or rate cards for complete definitions, details and eligibility.

Representative Credit Score

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.

Nontraditional Credit

Select when borrower(s) do not have a valid credit score, including no credit scores.

LTV – LOAN TO VALUE

Loan to Value ratio calculated according to standard Agency (GSE) guidelines, non-inclusive of financed MI premiums.

INTEREST RATE %

Used to calculate P&I for borrower paid products.

INTEREST RATE % WITH LENDER PAID MI

Used to calculate P&I for lender paid products.

FHA INTEREST RATE %

Used to calculate P&I for FHA comparison.

MI Product*

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 and there is unearned premium available for refund.

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 and there is unearned premium available for refund.

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.

Standard Annual Premium MI – Refundable features a coverage term of twelve months; premiums are remitted annually.

Standard Annual Premium MI – Non-Refundable 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 and there is unearned premium available for refund.

Level Annual Premium MI features a coverage term of twelve months; premiums are remitted annually.

Split Premium MI features a lower monthly rate combined with an upfront premium due at closing.

Effective 1/10/2014 or upon state approval
  • .50% upfront = Plan 1
  • .75% upfront = Plan 2
  • 1.00% upfront = Plan 3
  • 1.25% upfront = Plan 4
  • 1.50% upfront = Plan 5
  • 1.75% upfront = Plan 6

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 and there is unearned premium available for refund.

*Please Note: Lender Paid MI Premiums are always Nonrefundable.

Loan Type

Fixed Rate/Fixed Payment: Level P&I payments for the term of the loan.

Fixed Rate (5 year or greater ARM): 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.

Coverage

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 requirements.

Renewal

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.

DTI – Debt to Income

Total monthly obligations to income ratio calculated according to standard Agency (GSE) guidelines.

Will Upfront MI Payment be Financed?

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.

Affordable Housing

Refer to Genworth guidelines for Area Median Income (AMI), Homebuyer Education, etc. requirements.

1st Time Homebuyer

Follow Agency (GSE) guidelines for the definition of a first time homebuyer.

User Org ID

Enter the last 4 digits of your organization's Master Policy number.