Genworth data give the positive results of the Obama administration affordable Refinance Home Program

 

Thursday, Jul 02,2009, 12:27:55 PM   Click:

Genworth Financial, Inc. (NYSE: GNW) said today that its U.S. mortgage insurance was to see the positive outcome of the Obama Administration's Home Affordability Refinance Program (HARP).



Genworth implemented the HARP program days after it was announced on 4 March and the first indications, refinancing through the program puts the borrower in a better financial situation. After a HARP refinance, borrowers interest rates, on average, down 1.5 points, and the borrowers monthly mortgage payments down an average of 13.5%.

While working closely with its large lender customers to help implement HARP loan programs, Genworth also has supported the "New Servicer" program introduced by Fannie Mae and Freddie Mac since its inception. The program allows borrowers with mortgage insurance to switch from one servicer to another in support of HARP refinances.



In addition to its support for HARP, Genworth and the members of the Mortgage Insurance Companies of America (MICA) have worked closely with the U.S. Treasury, The Housing Policy Council, HopeNow, Servicers, Investors and consumer groups to help facilitate the Administration's Home Affordable Modification Program (HAMP). Among the initiatives put in place to help more borrowers avoid foreclosure are:



-- Delegation of modification approval authority for Fannie Mae and Freddie Mac loans, as well as for non-GSE loans that pass the U.S. Treasury's Net Present Value test. -- Development of reporting requirements that align with those of the HAMP Administrator for all loans with MI. -- Direct homeowner outreach by Genworth representatives to maximize the number of borrowers alerted to the potential HAMP opportunity. -- Training by Genworth on HAMP and other workout options to help ensure that lenders and servicers fully understand the program and other available workout options.


Further information about Genworth programs in support of the Obama Administration's Making Home Affordable Program is available at www.mortgageinsurance.genworth.com.