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.