Genworth U.S. Mortgage Insurance said the FHA mortgage insurance premium reduction earlier this year has not had much of an impact on private MI business so far in terms of creating more competition. “I would say competition with FHA is about the same,” said Rohit Gupta, president and CEO of Genworth. “We have seen the FHA price reduction actually having more impact on FHA streamline refis. Borrowers who have gotten into FHA loans three years ago are refinancing into another FHA loan just to reduce their annual payment.” In January, the FHA pared its annual MIP from 1.35 percent down to 0.85 percent to win over first-time homebuyers and other qualified borrowers. While Gupta emphasized that on the purchase side there hasn’t been that big of an impact yet, he said “we might have seen a little bit of an impact in the first quarter but nothing significant yet.” He added there are a lot more ...