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Genworth Update

Genworth-FinancialIt seems Genworth Financial Canada (the country’s biggest private mortgage default insurer) has been making good inroads with lenders lately.

For example:

  • Genworth just cemented a new partnership with Merix Financial, a popular non-bank lender. Among other things, Genworth is offering its Business For Self and non-owner-occupied rental products through Merix. (More on this rental product tomorrow…)
  • FirstLine is now using Genworth for things like stated income deals. FirstLine, a division of CIBC, had previously cut back on their Genworth usage when the credit crisis made privately-insured mortgages less attractive.
  • A high-level source at the company tells us that Genworth’s volumes are up notably in the last 12 months with major banks (like TD, BMO, and Scotiabank) and credit unions.

A source inside the company also says that Genworth’s delinquencies have been dropping noticeably thanks to a heightened focus on underwriting quality.