On Monday, Genworth Financial announced it would immediately begin offering a relocation product with discounted mortgage insurance premiums to help credit unions expand their market and pursue business from members relocated by corporate and military employers.
“Genworth recognizes that credit unions play a unique role in the mortgage marketplace. We’re committed to providing products and services designed specifically for credit unions that help these institutions increase revenues, reduce costs, and provide more value to members,” said John Clifford, USMI’s vice president of products and account development.
The discount could save active duty military and non-military borrowers up to $500 over the typical five-year period in which Genworth holds an insured loan. The estimate is based on a $200,000 30-year loan with a 5% down payment and a borrower with a 660-679 FICO score.