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Genworth Financial to Provide HomeOpeners(SM) MonthlyPlus for Prime Alliance Credit Union Members

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 mass layoffs.

"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 mortgage needs."

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, Inc.

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

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

SOURCE Genworth Financial, Inc.

Terry Souers, Vice President, Public Relations, Mortgage Insurance of Genworth Financial, Inc., +1-919-846-4459,; or Dan Green of Prime Alliance Solutions, Inc., +1-206-439-5807 or