Genworth MI Quality Assurance Review Helps Delegated Lenders Originate Quality Loans, Reduce Mortgage Repurchase Risk, Says New Video
RICHMOND, Va., March 4, 2014 /PRNewswire/ -- Quality assurance (QA) reviews by Genworth Mortgage Insurance, the Raleigh, NC-based unit of Genworth Financial Inc. (NYSE: GNW), can help delegated lenders originate high quality loans and reduce repurchase risk on loans eligible for sale to government sponsored enterprises (GSEs), the company said in its latest video.
In the video, QA team manager Deanna Burk explains that lender-specific reviews can help customers substantially reduce their error rate and originate loans that meet Genworth MI guidelines. She said QA reviews also can help lenders to whom Genworth has delegated underwriting identify issues that could make a mortgage loan ineligible for sale to Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation), or lead to repurchase requests from investors.
For example, Fannie Mae in 2013 implemented a process to review all loans soon after they are acquired, to confirm that the loans were originated to meet their underwriting and eligibility standards. The agency also announced updated requirements for quality control – designed to encourage lenders to originate high quality loans with as few defects as possible – that took effect in January.
Burk said a Genworth QA review helps lenders determine whether their processes are robust enough to withstand the more intense scrutiny of today's mortgage origination environment. "Genworth always provides lenders clear feedback on our findings and suggestions to improve a lender's ability to deliver high quality loan files," Burk said. She said Genworth MI regularly provides lenders resources such as the "QA Tip Sheet" and "Avoiding Common Underwriting Errors" webinar to help improve mortgage loan quality. Burk said lenders also receive information that allows them to anonymously compare their performance with peers in the industry. To learn more about QA reviews, click the Mortgage Resources link on www.mortgageinsurance.genworth.com.
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, Inc.