RALEIGH, N.C., Oct. 20 /PRNewswire-FirstCall/ -- Genworth Financial's
(NYSE: GNW) U.S. Mortgage Insurance business said today it is expanding its
"Counseling Saver" pre-purchase education program to include all participating
borrowers' insured loans.
The program gives homebuyers improved pricing on standard mortgage
insurance rates if they complete eight hours of pre-purchase face-to-face or
classroom education by a non-profit, non-lending institution.
"Many homeowners are in trouble today because they do not understand how
the mortgage process works and all the options available to them when they
took out their loans," said Chris Antonello, senior vice president, Marketing
for Genworth Mortgage Insurance. "We know that educated borrowers are more
likely to avoid default, so providing this incentive makes sense for all
Research by the Joint Center for Housing Studies of Harvard University and
Freddie Mac has shown that pre-purchase counseling can significantly reduce
the delinquency rates of borrowers.
Borrowers taking advantage of the program also have access to up to $3,000
of discounts on home-related products and services through the Genworth
HomeNow network, as well as a broad range of on-line tools and calculators
designed to make the mortgage process easier and more understandable.
"We want people to know that there are safe, secure options for low down
payment mortgages. Our research with consumers and loan officers shows that
education about the mortgage process is highly valued. With education and
savings for the buyer and better loan performance for our lender customers,
everyone wins with this program," Antonello said.
Borrowers with Genworth mortgage insurance also have peace of mind knowing
that help is available should they face financial difficulty. Genworth's free
of charge "Homeowner Assistance" program is designed to keep borrowers in
their homes if at all possible. Over the past year, some 90 percent of
Genworth-assisted workouts nationwide were cures, where borrowers were able to
keep their homes and become up to date on their mortgage payments. Genworth
Mortgage Insurance is a division of Genworth Financial, Inc.
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a leading public Fortune 500
global financial security company. Genworth has $114 billion in assets and
employs approximately 7,000 people in 25 countries. Its products and services
help meet the investment, protection, retirement and lifestyle needs of over
15 million customers. Genworth operates through three segments: Retirement
and Protection, International and U.S. Mortgage Insurance. Its products and
services are offered through financial intermediaries, advisors, independent
distributors and sales specialists. Genworth Financial, which traces its
roots back to 1871, became a public company in 2004 and is headquartered in
Richmond, Virginia. For more information, visit http://www.genworth.com.
SOURCE Genworth Financial, Inc.
CONTACT: Investors, Cass English, +1-804-662-2614,
firstname.lastname@example.org, or Media, Tom Topinka, +1-804-662-2444,
email@example.com, both of Genworth Financial, Inc.
Web site: http://www.genworth.com