Genworth to Adjust Pricing Schedule for Borrower Policies

Genworth Mortgage Insurance Corp. plans to change its pricing structure for borrower-paid policies.

The Raleigh, N.C., private mortgage insurer will lower rates for mortgage borrowers who have a credit score of at least 740 and loan terms of at least 20 years, according to a Tuesday memo sent to Genworth's lending partners. It will also cut rates for borrowers with credit scores of at least 680 and loan terms of less than 20 years.

Genworth will raise rates on most borrowers who have a credit score below 700 and loan terms of at least 20 years.

Genworth will also remove its rate/term refinance adjuster, and the loan amount adjuster from $417,001 to $650,000.

The new rates will apply to PMI applications received on or after April 4.

Radian Guaranty in Philadelphia last month announced a plan to revise pricing on borrower-paid policies. The changes were intended to allow Radian to meet the capital requirements of Fannie Mae, Freddie Mac and other government-sponsored enterprises.

Mortgage Guaranty Insurance Corp. of Milwaukee also recently adjusted its pricing.