RICHMOND, Va., April 8, 2013 /PRNewswire/ -- Genworth U.S. Mortgage Insurance (USMI), a unit of Genworth Financial, Inc. (NYSE: GNW) today announced a redesigned Commitment/Certificate of Insurance that will make it easier for customers to understand information about their mortgage insurance.
Genworth USMI redesigned the document to improve its readability and provide additional loan-level detail for customers. Some data fields were renamed for clarity, and new data fields were added, including: debt-to-income ratio, loan purpose, and submission method. The process for submitting loans, ordering mortgage insurance, or activating mortgage insurance coverage remains the same, so customers will not have to learn new procedures.
The simplified Commitment/Certificate includes clear Instructions, on a separate page, for how to activate mortgage insurance coverage. Customers also can print their own copy of a Commitment/Certificate directly from the website at https://miservicing.genworth.com.
The new Commitment/Certificate was introduced to customers last month as another element of Genworth USMI's exclusive Simplify MI(SM) effort to improve the mortgage insurance experience for customers and provide additional value beyond a competitive price.When Genworth USMI approves an application for mortgage insurance, it issues a document called the Commitment/Certificate of Insurance to provide customers with a concise, comprehensive view of key information and details of the mortgage insurance coverage that applies to a specific loan, including borrower information, loan details, and mortgage insurance coverage and payment options. Before the loan is closed, the document serves as Genworth's commitment to insure the loan, although insurance has not been activated and is not in effect. Once the lender closes the loan, any applicable premium has been paid and Genworth has been notified to activate coverage, the document serves as the insurance certificate and extends Genworth USMI coverage to the loan. Customers can learn more about the simplified Commitment/Certificate of Insurance by viewing the new brochure online or watching a recorded webinar. Customers also can contact their Genworth USMI account representative, or the ActionCenter® at 800-444-5664, or Action.Center@genworth.com. 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.