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Mutual One partners with Genworth Financial for Mortgage Insurance
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Mutual One partners with Genworth Financial |
London, February 9, 2011 - Mutual One, whose strategic aim is to enhance the competitiveness of mutual organisations, has announced that Genworth Financial has been selected as its mortgage indemnity insurance (MII) provider for the collective, available to lenders. The partnership came into effect on 31st December 2010 with Mutual One becoming an Appointed Representative of Genworth Financial given its role in arranging and administering the mortgage insurance offered through a collective arrangement to a range of mortgage lenders.
The development of the MII collective follows the publication of the FSA’s Sourcebook for Building Societies (BSOCS) in 20101 and its expectation of Societies having appropriate risk mitigation measures, such as MII, in place when operating in the high loan-to-value (LTV) arena.
By using mortgage indemnity insurance, these building societies can maintain a presence in higher LTV lending, which is traditionally used by first time buyers. The products provide protection for lenders whose capital requirements could benefit by the cover being in place.
Andrew Gold, chief operating officer of Mutual One commented: “Following the publication of the Sourcebook, we undertook a process of seeking a mortgage indemnity insurance provider for a collective MII arrangement, delivering a wider range of benefits to those who participate. Following careful examination of the product benefits, sustainability and service proposition available in the marketplace, we were delighted to select Genworth Financial’s mortgage insurance offering for our MII collective given their proven track record. We believe the MII collective relationship will help Societies continue to meet their core purpose of providing a wide choice of residential mortgages including those for borrowers who need higher LTV mortgages.”
Tammy Richardson, senior vice president - commercial for Genworth Financial's Mortgage Insurance business in the UK, commented: “It’s a long held principle of Genworth that mortgage insurance enables lenders to widen access to homeownership for consumers through the bad times as well as the good. We advocate prudent lending as a means to returning to stability in the housing market, and believe this new facility with Mutual One will help both the building societies involved, and their customers. We look forward to working with them to achieve this goal.”
One of the first societies to join the collective is The Hanley Economic Building Society. David Webster, Chairman of the Building Societies Association and CEO of The Hanley, commented:
“The Hanley wants to continue to lend to the first time buyers within our local community at 90% LTV. With the new BSOCS guidelines now on the table we took the opportunity to take advantage of the new Genworth and Mutual One mortgage insurance collective which will provide The Hanley with a very cost effective approach to mortgage insurance. We look forward to a long term successful relationship with Genworth and Mutual One.”
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About Genworth Financial
Genworth Financial, Inc. (NYSE:GNW) is a leading Fortune 500 global financial security company. Genworth hasmore than $100 billion in assets and employs approximately 6,500 people with a presence in more than 25 countries. Its products and services help meet the investment, protection, retirement and lifestyle needs of more than 15 million customers. Genworth operates through three segments: Retirement and Protection, International and U.S. Mortgage Insurance. Its products and services are offered through financial intermediaries, advisors, independent distributors and sales specialists. Genworth Financial, which traces its roots back to 1871, became a public company in 2004 and is headquartered in Richmond, Virginia. For more information, visit Genworth.com. From time to time Genworth releases important information via postings on its corporate website. Accordingly, investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information is found under the "Investors" section of Genworth.com.
For further information, please contact:
Guy Genney
Guy.genney@genworth.com
+442083803786
For further information on Genworth Financial: www.genworth.co.uk
Andrew Gold
andrew.gold@mutual-one.co.uk
+44756705797
For further information on Mutual One: www.mutual-one.co.uk
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