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Genworth U.S. Mortgage Insurance To Expand Homebuyer Education Program

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 involved."

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,
cass.english@genworth.com, or Media, Tom Topinka, +1-804-662-2444,
thomas.topinka@genworth.com, both of Genworth Financial, Inc.
Web site: http://www.genworth.com
http://investor.genworth.com
(GNW)