Despite current struggles in Genworth Financial's long term care insurance business, which is marring any earnings that it could have, the company’s mortgage insurance business offers a slice of good news.
The Federal Housing Finance Agency announced in June that it was seeking industry opinion on Fannie Mae and Freddie Mac guarantee fees, and while the results of this have not been revealed, a new survey of mortgage bankers gives a preview into what lenders expect to happen with increases.
Paul Gomez and George Reichert joined the senior leadership team at Genworth Financial’s U.S. Mortgage Insurance unit after being named chief operations officer and chief information officer, respectively.
"We designed the Rate Express mobile application based on extensive feedback from customers about the features that would help them be most productive," said Erika Stinson, Genworth U.S. Mortgage Insurance digital channel product manager.
Mortgage insurers face ongoing challenges as the market attempts to shift to private capital. At the same time, regulators are calling for stronger underwriting standards at private MIs, but the sudden push could stall the return of private capital.
The CFPB left the grace period open-ended and most in the industry interpreted that to mean that it will last throughout the rest of 2015, at least. Unfortunately, as welcome as that grace period is, TRID remains a costly and complicated fix that has enormous implications for the whole industry..
“Bad letters damage the brand,” Katherine Porter says. “There’s a contagion effect of this. I think bad letters are unjust. They disproportionately harm the borrowers we need to help the most.” Read More
The answer may be found somewhere between commandeering the entire process and “throwing it over the fence.” For lenders, paying more attention to the source of the data and information used in finalizing settlement (title searching, valuation and the like) could hold the key. This means data reporting collected in a more robust, accurate and verifiable fashion. Read More