Genworth Financial's operating segment Genworth Mortgage Insurance has introduced GenRATE, a risk-based pricing engine that provides lenders with granular approach to pricing for borrowers during homeownership.
Image: Genworth launches GenRATE. Photo: Courtesy of IndypendenZ at FreeDigitalPhotos.net.
With the introduction of GenRATE, lenders can opt-in to this proprietary pricing solution or choose from Genworth’s standard published rate card.
The launch was informed by market research and a thorough evaluation of customer needs, uncovering that certain segments of lenders have begun seeking more dynamic pricing solutions. GenRATE provides that solution, allowing Genworth to expand its value proposition to meet a broader range of customer needs.
Genworth Mortgage Insurance president and CEO Rohit Gupta said: “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.
“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.”
GenRATE will be available to all lenders beginning 10 December, 2018. Loan officers can obtain GenRATE MI quotes quickly through their Loan Origination Systems, Optimal Blue or Rate Express.
Source: Company Press Release