How Mortgage Insurance Works

Print

Overview

Five Simple Steps To Mitigate Risk

  • Borrower wishes to buy home but does not have large deposit
  • Borrower puts down a small deposit
  • Lender will buy cover (MI) on the Borrower's Mortgage
  • Lender's Risk reduced in line with level of MI cover
  • Cover can be Lender, Borrower or Combination Paid

In the case of Borrower Default

Lender notifies Genworth of Borrower Default
Genworth pays claim to Lender within pre-agreed timescales


European Forum