The National Association of Federal Credit Unions retained the mortgage insurance unit of Genworth Financial (GNW) as the provider of mortgage insurance and related services to its more than 800-member credit unions.
It's a renewal of the preferred provider designation NAFCU awarded to the Genworth subsidiary in 2011.
The NAFCU cited capital levels along with the provider's history, knowledge and experience with the credit union community as important elements in the decision. “Genworth met our stringent requirements, and we're pleased to continue our relationship with them," NAFCU President David Frankil said.
Genworth Financial posted a second-quarter profit of $76 million as its U.S. mortgage insurance operations saw notable improvements. In the second quarter of 2011, the company lost $136 million.
Genworth’s total global mortgage insurance division saw its net operating income grow to $51 million from a net operating loss of $177 million a year earlier. The U.S. mortgage insurance division reported a net operating loss of $25 million, up from a loss of $43 million in 1Q and a net loss of $255 million a year earlier.