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Genworth financial is a fortune 500 company. It started in 1871 as the Life Insurance Company of Virginia.It now provides services through three divisions: Global mortgage insurance, U.S life insurance and Corporate and other divisions. They partner with financial institutions and lenders to create better ways to do business. Their two main products are Lifestyle protection and Mortgage Insurance.
Genworth mortgage insurance
It provides flexible Mortgage Insurance to accommodate different requirements of lenders. It can be at a portfolio level or on a loan-by-loan basis. The insurance is created to stimulate the new buyers in the market and also to protect the lenders, while managing applicable risks. It can protect investor and lenders in case a mortgage borrower defaults on a loan and the amount of property sold is not enough to pay the outstanding debt. Austerity budgets and High LTV (Loan to Value) mortgages are not very common in European countries. New buyers often struggle to dip a toe into the housing ladder industries. Genworth’s insurance offers services that help new buyers to not only get access to home ownership but also at a lower deposit.
Why is mortgage insurance useful? The benefits that mortgage insurance at Genworth offers are: high loan to value offers at low risk, high profit as higher returns offset, it protects against house price depreciation, relief through transfer of credit risk and capital preservation and savings in the provision.
What products are offered? Genworth’s financial market expertise in high Loan to Value space provides the flexibility to customize solutions to match the lender’s needs.
Flow MI: these loans to loan cover that features reducing final loss in situations of repossession, and loss severity. It provides loans review on a one by one basis, cases that are in the gray area.
Insurance of in force portfolios: Structured solutions or loan by loan. Offers benefits of capital relief, provisioning relief and hedging of risk.
PD&LGD solutions (severity and frequency): These are claims payouts offered to lenders when the loans are pushed to arrears. It acts as forbearance and maintains the loan as current.
Benefits if Mortgage Insurance: There are many benefits both to the lender and the borrower.
Maintains quality underwriting – loans with mortgage insurance has relatively fewer arrear accounts.
Improves profitability to lenders It allows them to enjoy high margins without risks.
Decreases the level of debt and capital requirements
Stimulates new buyers in the market, while managing risks
Borrowers are provided with mortgage finance even during bad economic cycles.
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