RICHMOND, Va., May 4, 2005 /PRNewswire-FirstCall via COMTEX/ -- Genworth Financial, Inc.
(NYSE: GNW) today announced an agreement to market its HomeOpeners(SM)
MonthlyPlus low down payment mortgage solution to all Prime Alliance
Solutions, Inc. credit union members.
HomeOpeners(SM) MonthlyPlus will help participating credit unions to
compete in the highly competitive low down payment mortgage market by
providing involuntary unemployment, accidental disability and accidental death
and dismemberment insurance coverage to borrowers at no extra cost. This
extra benefit includes unemployment due to strikes, lockouts, individual and
"We're happy to be working with Prime Alliance to help their members drive
homeownership and make more loans," said Kevin Schneider, president of
Genworth Financial's U.S. mortgage insurance business. "More than 25 percent
of U.S. consumers are credit union members, and we want to serve their
HomeOpeners(SM) MonthlyPlus helps people finance a home with a down
payment that fits their budget, and protects them against foreclosure in the
event of involuntary unemployment or an accident that keeps them from working.
The monthly premium product protects borrowers for up to five years while
mortgage insurance is in effect, covering their full monthly mortgage payment,
including principal, interest, taxes and insurance, up to a maximum of $2,000
for as many as six months. The accidental death, dismemberment and disability
coverage under HomeOpeners(SM) MonthlyPlus pays up to a maximum of $12,000 per
loan. Standard mortgage insurance rates apply, and there is no extra cost to
either borrowers or lenders for the mortgage payment protection coverage.
"Prime Alliance and Genworth have a history of working closely together to
provide credit unions with solutions that help members realize their
homeownership dreams. HomeOpeners(SM) MonthlyPlus provides members with an
extra layer of security, and, therefore confidence that owning a home is
possible," said Joe Brancucci, President and CEO of Prime Alliance Solutions,
HomeOpeners(SM) MonthlyPlus is part of a suite of mortgage insurance
products specifically designed with the needs of low down payment borrowers
and lenders in mind. The HomeOpeners(SM) solutions put more affordable home
loans within the reach of a greater number of consumers. Research confirmed
that mortgage industry professionals put a high priority on borrower
satisfaction, and Genworth Financial designed the new products to help them
deliver the best loans for their borrowers.
The cost of the mortgage payment protection coverage for HomeOpeners(SM)
MonthlyPlus is paid by General Electric Mortgage Insurance Corporation,
Genworth Financial's mortgage insurance business, which also underwrites the
mortgage guaranty portion of the coverage. The accidental disability and
accidental death and dismemberment insurance and unemployment insurance are
underwritten by a third party.
About Prime Alliance
Prime Alliance Solutions, Inc., a credit union service organization and
recognized leader in innovative mortgage solutions for credit unions, serves
67 credit unions, 12 credit union service organizations and mortgage companies
that serve credit unions. Prime Alliance's innovative approach to mortgage
lending is in use by a network of more than 550 credit unions, loan officers,
real estate agents and builders nationwide. Prime Alliance customers account
for 40 percent of all credit union mortgage lending, or roughly the size of a
top 12 retail lender. For more information about Prime Alliance, refer to the
Web site at http://www.primealliancesolutions.com.
About Genworth Financial
Genworth (NYSE: GNW) is a leading insurance holding company, serving the
lifestyle protection, retirement income, investment and mortgage insurance
needs of more than 15 million customers, and has operations in 22 countries,
including the U.S., Canada, Australia, the U.K. and more than a dozen other
European countries. For more information, visit http://www.genworth.com.
SOURCE Genworth Financial, Inc.
Terry Souers, Vice President, Public Relations, Mortgage Insurance of Genworth
Financial, Inc., +1-919-846-4459, firstname.lastname@example.org; or Dan Green of Prime
Alliance Solutions, Inc., +1-206-439-5807 or email@example.com