Genworth Mortgage Insurance is launching Genrate, a proprietary risk-based pricing engine providing lenders with a more granular approach to pricing for borrowers pursuing the dream of homeownership. With the introduction of Genrate slated for December, lenders can opt-in to this proprietary pricing solution or choose from Genworth’s standard published rate card. Loan originators will access to risk-based pricing through their loan origination systems, Optimal Blue or Rate Express.
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.
“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,” said Rohit Gupta, president and CEO, Genworth Mortgage Insurance. “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.”