Rate Express® Definitions

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

User Org ID

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

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.

MI Product

Monthly Premium MI is a payment option which features a coverage term of one month; premiums are remitted monthly. The premium rate shown is the annualized first year and renewal premium rate. To determine the monthly premium, multiply the premium rate by the loan amount and divide by 12. Zero Monthly Premium MI is a payment option which features monthly premium rates with no initial premium required at closing.

Single Premium Lender Paid MI (LPMI) One-time premium coverage for the life of the loan.

Single Premium MI Borrower Paid MI (BPMI) One time premium payment provides coverage that remains in effect until cancelled in accordance with federal and state cancellation laws or investor requirements.

Split Premium MI is a payment option that features lower monthly rates combined with an upfront premium due at closing.

Level Annual Premium MI is a payment option which features a coverage term of twelve months; premiums are remitted annually. The Level Annual option features one identical rate for both first year and renewal premiums. The 1st year premiums may be financed into the loan amount.

Standard Annual Premium MI is a payment option that features an initial coverage term of twelve months; premiums are remitted annually. The rate is higher for the first year and reduced for the renewal years.

REFUND OPTIONS

BPMI: For Non-Refundable rates, no premium will be refunded when coverage is cancelled, unless cancelled under the Homeowners Protection Act of 1998. HPA Cancellations will result in a refund of unearned premium; Single Premium use Refund Schedule F; for all other premium plans, refunds are pro-rata based on term of coverage.

Monthly Premium, Zero Monthly Premium and Standard Annual MI Refundable BPMI: Premiums are refunded on a pro-rata basis.

Single Premium MI Refundable BPMI: Premiums are refunded according to the LTV/Term Based Refund Schedule. Subject to state approval.

For Refund Schedules, go to our website: mi.genworth.com

LPMI: Premiums are Non-Refundable.

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.

Loan Type

Fixed Rate/Fixed Payment Level payments for the first five years and offer no buydowns, rate concessions nor have the potential for negative amortization.

Fixed Rate (5 year or greater ARM) Level payments for the first five years and offer no buydowns, rate concessions nor have the potential for negative amortization.

Non-fixed: Payments changes or the potential for payment changes during the first five years of the mortgage.

Affordable Housing Program

FHLMC Home Possible®– (HP)

FNMA HomeReady®

Other Applicable to any Affordable Housing Program that is not listed above. Refer to Genworth Underwriting Guidelines for Affordable Housing Program Requirements

Coverage

Defaulted to Agency (GSE) Standard MI Coverage Requirements based on LTV and Loan Term. For HFA and HomeReady/HP coverage is defaulted to Agency (GSE) MI Coverage Requirements based on LTV and Product.

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)
  • Monthly, Zero Monthly, Level Annual and Split Premium MI: The renewal premium rate is applied to the original loan balance for years 1 through 10.
  • Standard Annual Premium MI: The renewal premium rate is applied to the original loan balance for years 2 through 10.
  • For years 11 through term, the rate is reduced to 0.20% or remains the same if the rate is less than 0.20%.
  • Premium adjustments do not apply to the 11th year rate through term.

For Amortized (Declining) The renewal premium rate is applied annually to the outstanding loan balance for years 1 through term. The loan balance is adjusted annually on the anniversary of the loan close date.

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 Loan Amount entered should not include the Financed MI. The Total Loan Amount will reflect the loan amount + financed MI. The MI premium may be financed into the loan amount for Single Premium, Standard and Level Annual (first year premium) and Split Premium (upfront premium). Refer to our Underwriting Guidelines to determine the LTV category for premium rates. Applies to BPMI only.

1st Time Homebuyer

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

NMLS ID

Enter the NMLS ID of the loan originator (the individual taking the loan application) as assigned by the Nationwide Mortgage Licensing System (NMLS). This NMLS ID will also appear on the PDF version of your quote.

LENDER LOAN NUMBER

Your loan number. This number will also appear on the PDF version of your quote.

EMAIL ADDRESS

Your email address. This email will also appear on the PDF version of your quote.



HomeReady® is registered trademark of Fannie Mae. Home Possible® Mortgage is a registered trademark of Freddie Mac.