Genworth helps manage mortgage risk for customers


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Genworth Mortgage Insurance is focused on the big picture: getting people in homes and keeping them there. The MI company works with lenders to help buyers responsibly achieve the dream of homeownership by ensuring the broad availability of affordable low down payment loans.

Genworth MI is a subsidiary of Genworth Financial Inc., a diversified financial services company. A comprehensive capital plan reflects Genworth’s increasing financial flexibility, appropriate reserves and a growing high-quality book of new business. As of Q42015, Genworth’s flagship insurer, GMICO, has a risk-to-capital ratio of 16.4:1, and the combined is 16.3:1. Its statutory combined assets totaled $2.9 billion as of Q42015 and its statutory combined capital totaled $1.7 billion as of Q42015. Since 2008, $7.9 billion worth of claims have been paid.

The company offers competitive rates and guidelines, industry-leading turn times (nearly 100% of loans are turned in eight hours or less), innovative products like Homebuyer Privileges and Homeowner Assistance programs, and a self-paced online Homebuyer Education course.F3 genworth logo1

As a leader in managing mortgage credit risk, Genworth MI uses tools and technologies that comprehensively and efficiently evaluate the risk of a residential mortgage. The company’s proprietary underwriting platform, called GENie, is a result of partnering with leading technology development firms.

In March, Genworth MI announced an exclusive partnership with Roostify, a web and mobile platform that streamlines and accelerates the home-buying process, allowing lenders to spend more time focused on originating and closing loans.

Roostify’s platform offers a centralized hub where loan officers, underwriters, borrowers and other industry constituents can build their networks and collaborate.

“The Roostify partnership with Genworth marks the first time that a mortgage insurer will be able to offer such a platform integration directly to customers,” said Rohit Gupta, president and CEO of Genworth MI.

“Identifying and building partnerships with companies like Roostify that are creating disruption and driving a wave of new capabilities allow customers to give their borrowers more visibility into every step of the origination process and improve responsiveness,” he said.

Genworth MI also is using big data and cloud computing to gather deeper insights into its portfolio to more accurately evaluate mortgage risk and streamline customer interactions. Industry-leading underwriting turn times ensure customers receive a timely response that expedites loan closings.

“Embracing powerful technology solutions that make mortgage processes easier for our customers is extremely important to us, and we intend to stay ahead of the curve,” Gupta said. “We already have an identity in the industry for exceptional service levels in underwriting and innovations in technology, giving customers access to the fastest, easiest and most accurate ways to order mortgage insurance.”

Genworth MI is partnering with a leading product and pricing engine and offering its own rates and comparisons tool, Rate Express via desktop and mobile, to give loan officers instant access to accurate rate quotes.

By raising the bar on technology and advancing in-house underwriting capabilities, the company has strengthened its underwriting service levels. Underwriting decisions are now faster and more accurate because they are based on validated data stemming from advancements in corresponding risk management technologies.

“Having more sophisticated data at our fingertips has helped make us smarter about the risk we put on our books so we can help customers serve more homebuyers,” Gupta said.

New regulatory frameworks also have contributed to operational effectiveness. The MI industry has adopted new master policies and achieved compliance with Private Mortgage Insurer Eligibility Requirements. Genworth MI continues to help customers interpret TRID guidance under different borrower scenarios and its ActionCenter has a specialized hotline to help customers with loan-level MI questions.

Genworth MI takes an active role in housing policy and reform, advocating for the value of mortgage insurance to a sustainable housing finance system. Gupta serves as chair of U.S. Mortgage Insurers, the MI trade association.

USMI has been engaged in discussions with constituents on the possibility of a deep-cover risk share. The idea is for MI companies to take a larger risk position in front of the government-sponsored enterprises on GSE loans.

“We continue to believe that greater front-end risk sharing via private mortgage insurance is a way to help build a stronger and more sustainable housing system, and we are actively participating in conversations in Washington, D.C., to help accelerate agreement on this approach,” Gupta said.

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