Genworth is updating the calculation of refunds for qualified loans insured through our Single Premium and Split Premium payment plans, effective November 15, 2020.
New! Refund calculations to better reflect current mortgage environment
New refund schedules will account for factors that more accurately reflect today's low interest rate mortgage environment including:
- Interest rate %
- Loan to Value ratio (LTV)
- Loan term
- Certificate Months in Force
What does the change mean for borrowers? An MI refund that considers more of the characteristics of their loan.
Existing refund schedules will be replaced
Effective November 15, 2020 the following refund schedules will be replaced by new refund schedules:
- Single Premium Refund Schedule F
- Split Premium Refund Schedule G
We'll notify you when new schedules are published on our website.
Questions? Contact our Lender Services team at 800 400.6747 or via email.