RICHMOND, Va., Nov. 17, 2011 /PRNewswire via COMTEX/ -- Genworth Financial, Inc. (NYSE: GNW) today announced that its U.S. Mortgage Insurance business is implementing changes to fully support the expanded Home Affordable Refinance Program (HARP) offered by the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. The changes will allow more "underwater" borrowers - who owe more on their mortgage than their homes are worth - to refinance their home loans at today's record-low interest rates. The changes being implemented by Genworth will make it simpler and more efficient for lenders to participate in the HARP initiative.
Genworth has been a leading supporter of the HARP initiative since the program launched more than two years ago, and has helped more than 26,000 borrowers reduce their mortgage payment by an average amount of almost $200 a month.
The HARP initiative enables borrowers who owe more than their home is worth to refinance their mortgage and take advantage of low interest rates, which could reduce their monthly payment and make their mortgages more affordable. "Genworth is committed to helping more homeowners take advantage of the HARP refinance opportunity," said Rohit Gupta, chief commercial officer for Genworth Mortgage Insurance. "We are proud to participate in this initiative, and believe it is another important step on the road to housing recovery."
The changes announced by Genworth Mortgage Insurance will meet or exceed the new GSE program guidelines announced on November 15, 2011. A comprehensive description of the changes being introduced by Genworth will be available in Genworth Mortgage Insurance Underwriting Guidelines on or prior to December 1, 2011. For additional information, lenders may contact their Genworth representative or the ActionCenter® at 800 444.5664.
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500 insurance holding company that is 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, financial protection coverages, and independent advisor-based wealth management -- and mortgage insurance that helps consumers achieve homeownership while assisting lenders in managing their risk and capital.
Genworth has approximately 6,500 employees and operates through three segments: Retirement and Protection, U.S. Mortgage Insurance and International. Its products and services are offered through financial intermediaries, advisors, independent distributors and sales specialists. Genworth Financial, Inc., which traces its roots back to 1871, became a public company in 2004 and is headquartered in Richmond, Virginia. For more information, visit genworth.com. From time to time, Genworth Financial, Inc. 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