RICHMOND, Va., Feb. 25, 2014 /PRNewswire/ -- Genworth Mortgage Insurance, the Raleigh, NC-based unit of Genworth Financial Inc. (NYSE: GNW), today released detailed information and resources to help customers make a smooth transition to its new master policy being implemented later this year.
The new master policy will improve process transparency, provide clarity of coverage, and offer customers clear steps and timelines for managing claims and resolving disputes. It was developed after extensive consultation with the Federal Housing Finance Agency (FHFA), Federal National Mortgage Association (Fannie Mae), and Federal Home Loan Mortgage Corporation (Freddie Mac) to ensure that loans insured under the new Genworth Master Policy will be eligible for sale to Fannie Mae and Freddie Mac. A key aspect of the new master policy is its clear language on the responsibilities of mortgage insurers, loan originators and servicers.
The new master policy also spells out an improved approach to rescissions. Genworth already offers customers relief from rescission concerns (including appraisal valuation) if a borrower makes 36 months of timely payments, and now also will offer rescission relief after a minimum of 12 months of timely borrower payments to customers who agree to have Genworth review and verify information in loan files soon after submission.
"The new master policy further strengthens the contribution private mortgage insurance makes to a robust and durable housing finance system," said John Clifford, Genworth MI senior vice president of commercial operations. "We recognize there will be impacts to some customers' established processes, procedures, and systems. Our top priority is to provide resources and support to help customers identify areas that might require their attention, before the new policy takes effect."
All mortgage insurers are required to introduce their own version of a new master policy for insured loans to be eligible for sale to Fannie Mae and Freddie Mac.
Genworth MI currently expects that the new master policy will be effective no earlier than July 2014, and customers will receive a copy of the new master policy and any endorsements before the effective date. The final effective date will be set based on several factors, including State Insurance Department approvals and coordination with Fannie Mae and Freddie Mac. The effective date will be communicated to customers and posted on the Genworth MI website.
The Master Policy Introduction Reference Notes and other resources are available at: http://mortgageinsurance.genworth.com/OurCommitment/MasterPolicyResources.aspx.
The web pages give customers access to:
- Sample Master Policy
- Sample Endorsements
(Note that some endorsements may require Genworth's prior notification and/or approval before being effective)
- Change Summary
(Comprehensive comparison of the existing policy to the new policy, identifying changes, items requiring customer action and implementation considerations)
- Frequently Asked Questions
In addition to the resources noted above, Genworth is supporting the master policy release with a series of live webinars with Q&A forums, online recorded training, and a dedicated email address – MasterPolicy2014@Genworth.com – for timely responses to customer questions. Customers also can contact their Account Representative or the ActionCenter® (1-800-444-5664) for questions or assistance.
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500 insurance holding company dedicated to helping people secure their financial lives, families and futures. Genworth has leadership positions in offerings that assist consumers in protecting themselves, investing for the future and planning for retirement -- including life insurance, long term care insurance, and financial protection coverages -- and mortgage insurance that helps consumers achieve home ownership while assisting lenders in managing their risk and capital.
Genworth operates through three divisions: U.S. Life Insurance, which includes life insurance, long term care insurance and fixed annuities; Global Mortgage Insurance, containing U.S. Mortgage Insurance and International Mortgage Insurance segments; and the Corporate and Other division, which includes the International Protection and Runoff segments. Products and services are offered through financial intermediaries, advisors, independent distributors and sales specialists. Genworth, headquartered in Richmond, Virginia, traces its roots back to 1871 and became a public company in 2004. For more information, visit genworth.com. From time to time, Genworth releases important information via postings on its corporate website. Accordingly, investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information is found under the "Investors" section of genworth.com.
SOURCE Genworth Financial