RICHMOND, Va., Sept. 24, 2012 /PRNewswire/ -- Genworth Financial, Inc. (NYSE: GNW) today announced that its U.S. Mortgage Insurance unit will support changes announced September 14 by the government-sponsored enterprises (GSEs) – Fannie Mae and Freddie Mac – to make refinancing more accessible to more homeowners using the Home Affordable Refinance Program (HARP).
The changes, which took effect upon announcement, will make it more efficient for lenders to offer HARP refinances, allowing more "underwater" borrowers – who owe more on their mortgage than their home is worth – to refinance their mortgage loans at today's historically-low interest rates. The changes also may encourage additional small and community-based lenders and new mortgage servicers to participate in the HARP initiative, broadening the availability of this refinance opportunity and potentially improving processing times for borrowers.
By continuing to align with the GSEs' HARP guidelines, Genworth will remain a leading mortgage insurance industry supporter of the HARP initiative. Since the HARP initiative launched in 2009, Genworth Mortgage Insurance has helped more than 57,000 HARP-eligible homeowners reduce their mortgage payment by an average amount of almost $200 a month.
"Genworth is committed to helping Americans stay in their homes, and we're ensuring that our guidelines allow as many homeowners as possible to take advantage of the HARP refinance opportunity," said Rohit Gupta, president and chief executive officer of Genworth's U.S. Mortgage Insurance unit.For more information, lenders may contact their Genworth representative or the ActionCenter® at 800.444.5664. About Genworth Financial Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500 insurance holding company dedicated to helping people secure their financial lives, families and futures. Genworth has leadership positions in offerings that assist consumers in protecting themselves, investing for the future and planning for retirement -- including life insurance, long term care insurance, financial protection coverages, and independent advisor-based wealth management -- and mortgage insurance that helps consumers achieve home ownership while assisting lenders in managing their risk and capital.