Genworth USMI releases new master policy resources.
M2 EQUITYBITES-February 27, 2014--Genworth USMI releases new master policy resources
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27 February 2014 -- Virginia US-based financial services firm Genworth Financial Inc's (NYSE: GNW) Genworth Mortgage Insurance unit said it has released detailed information and resources to help customers make a smooth transition to its new master policy being implemented later this year.
According to the firm, 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 consultation with the Federal Housing Finance Agency, Federal National Mortgage Association (Fannie Mae), and Federal Home Loan Mortgage Corp. (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 firm said.
The new master policy also spells out an improved approach to rescissions.
Genworth said it 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.
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.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Feb 27, 2014|
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