The offering provides lenders with a more granular approach to pricing
Genworth Mortgage Insurance has launched GenRATE, a proprietary risk-based pricing engine providing lenders with a more granular approach to pricing.
Lenders can opt in to GenRate or choose from Genworth's standard published rate card.
GenRATE will be available to all lenders beginning Dec. 10. Loan officers can obtain GenRATE MI quotes through their loan-origination systems, Optimal Blue, or Rate Express.
"Demand for more dynamic pricing is growing, both in our industry and more broadly. Offering lenders the option of either rate card or risk-based pricing is the best way to show lenders that we understand and can continue to meet their evolving needs," Genworth Mortgage Insurance President and CEO Rohit Gupta said. "Maintaining our standard rate card to complement GenRATE allows us to still offer the transparency and simplicity some lenders prefer while addressing other lenders' shifting prioritization towards more dynamic pricing."
The company said the launch reflects market research that found certain segments of lenders beginning to seek more dynamic pricing options.
