Genworth U.S. Mortgage Insurance partnership with Axacore, first in MI field, caps a year of renewed tech focus
RALEIGH, N.C., Dec. 11, 2014 /PRNewswire/ -- Genworth U.S. Mortgage Insurance ("Genworth") today became the first private mortgage insurer to partner with Axacore, a leading document management platform, in a deal creating synergies among both firms' mutual customer base. Lenders who use the Axacore platform directly or through one of Axacore's OEM partners now have access to seamless one-click ordering of Genworth non-delegated mortgage insurance from within the Axacore system.
"Non-delegated mortgage insurance, which requires the lender to submit loan documentation so a Genworth underwriter can make the risk decision, is gaining in popularity," said Geriel Thornburg May, Genworth MI Director of Customer Experience. "Enabling mutual customers of Axacore and Genworth to easily order mortgage insurance from one place with a single click is a valuable tool that creates more efficiencies for a smoother process."
"We're proud to be the first to market with the Axacore partnership," Thornburg-May said. "Speed to close is a critical component of the mortgage insurance process and this partnership allows us to provide our lenders with the most optimal service, which allows them to better serve their buyers."
The agreement caps a year of technological advancements for Genworth that improve the customer experience, an expanded focus for the company.
2014 Technology Advancements at a Glance
Awards
For the second consecutive year, the Temkin Group recognized Genworth U.S. Mortgage Insurance in its 2014 Insight Report as a leader among business-to-business (B2B) companies. Genworth was highlighted for its use of customer experience methods to address the root cause of business issues, continuously improve every interaction with customers, and drive strong customer loyalty.
New/Improved Platforms
Rate Express®
Nearly 5,600 users have downloaded the mobile version of the company's rates and comparison tool, Rate Express®. The mobile application helps on-the-go mortgage lending professionals use their mobile devices to quickly and easily gather the information needed to close loans, and requires fewer data entry fields to get a quote than competing apps.
Quick Submit
Allows the lender to reduce duplicate data entries and speed up mortgage loan processing. Processors may be able to significantly boost productivity, reducing the time required to submit a mortgage loan to Genworth by up to 10 minutes in some cases. Lenders also get a reference number to track the loan throughout the process.
Product and Pricing Engines (PPEs)
An integration with Optimal Blue® used customer feedback to deliver a higher level of functionality than currently available from competitors. The Optimal Blue integration was the first in the industry to offer functionality that lets originators:
- Email rate quote results to themselves or others in the origination process, such as a processor or underwriter. Originators can add the borrower name and loan number to the results to ensure MI rate information is tied to the correct loan file, which can help lenders with compliance.
- View and print results that contain all the loan parameters used to generate the MI quote.
- See a brief description of each Genworth product when the computer cursor hovers over it.
- Generate a Scenario ID to allow an originator to recall a specific Optimal Blue Genworth MI rate quote obtained through Genworth's Rate Express®, and order MI directly from Rate Express.
LOS Integrations
Genworth's integrations with leading LOS providers allowed mortgage lenders to get "one-click" access to Genworth rate quotes and ordering of commitments to grant mortgage insurance, without leaving their internal network. Customers who completed an integration with Genworth now originate more than 80 percent of their loans using the faster electronic interface.
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500 insurance holding company committed to helping families become more financially secure, self-reliant and prepared for the future. Genworth has leadership positions in long term care insurance and mortgage insurance and competitive offerings in life insurance and fixed annuities that assist consumers in solving their insurance, retirement and home ownership needs.
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. From time to time, Genworth's publicly traded subsidiaries, Genworth MI Canada Inc. and Genworth Mortgage Insurance Australia Limited, separately release financial and other information about their operations. This information can be found at http://www.genworth.com.au and http://genworth.ca.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/genworth-us-mortgage-insurance-partnership-with-axacore-first-in-mi-field-caps-a-year-of-renewed-tech-focus-300008768.html
SOURCE Genworth U.S. Mortgage Insurance
Share this article