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Company Confidential ©2008 Genworth Financial, Inc. All rights reserved. NIFA Conference Company Confidential Genworth Mortgage Insurance January 2009.

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Presentation on theme: "Company Confidential ©2008 Genworth Financial, Inc. All rights reserved. NIFA Conference Company Confidential Genworth Mortgage Insurance January 2009."— Presentation transcript:

1 Company Confidential ©2008 Genworth Financial, Inc. All rights reserved. NIFA Conference Company Confidential Genworth Mortgage Insurance January 2009 ©2008 Genworth Financial, Inc. All rights reserved.

2 1 Strategies and Tools for Loss Mitigation CertiLINK: Provides the ability to execute or change an MI certificate, cancel MI, and access a number of other servicing actions instantaneously on the web e-LMO Fastrack: Award winning, web based, tool that allows you to get an immediate approval or disposition from Genworth on non-delegated workout types Genworth’s Homeowners Assistance Web site : In July of 2007 Genworth initiated their Homeowners Assistance Web site, which provides 24/7/365 access to borrowers who are in trouble and may not be able to work with someone during normal business hours C.O.W (Claims On the Web): Genworth’s on-line tool to submit and receive immediate claim approvals Pro-Active Workout Solicitation on “No-contact” Borrowers: Genworth assists the servicer with their attempts to contact and help distressed borrowers with our Pro-Active Workout Solicitation team. This team works to reach borrowers that may not have been contacted through the usual collections or loss mitigations efforts

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4 3 Over 15 years of experience Reactive - Proactive approach Dedicated Team Training for Servicers, Loan officers and Agents Payment Plans Forbearance Loan Modification Borrower Assistance 2005 – 5,108 total workouts (91% cure Related) 2006 – 8,294 total workouts (91% cure Related) 2007 – 7,719 total workouts (92% cure related) 2008 – Over 10,000 projected Helping Homeowners Avoid Foreclosure – and Lenders Avoid Loss Cure Workouts Strength in numbers Experience Helping Homeowners During Times of Financial Hardship

5 4 Online resource for borrowers experiencing financial hardship Secured website allows borrowers to request assistance by completing financial information online Provides resources for homeowners … 24/7 Reduced paperwork: Submit Financial Form online Educational: Provides overview of Program Options How It works: Step-by-step explanation of the process Contact Us or request a time when a Homeowner Assistance Representative can contact you A 24/7 resource for borrowers facing financial hardships Simplifies the process for Homeowner Assistance Quicker Evaluations … Quicker Solutions Genworth.com/HOA Website Borrower Benefits Lender Benefits Features Helping Homeowners During Times of Financial Hardship

6 5 89% of Delinquent Borrowers Helped Became Current on Their Mortgage Payments Genworth’s Foreclosure Prevention Scorecard Shows More Than 11,000 Completed Workouts Between October 2007 and September 2008

7 6 Workout Data by State

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9 8 Education & Training – on SmarterMI.com site SmarterMI.com site Select “I am a Lending Professional” Click on How We Help Families to get to the Homeowner Assistance page

10 9 Appendix – Homeowner Assistance

11 10 Homeowner Assistance Program Contact Information Toll Free: Fax: Mail: Genworth Mortgage Insurance Attn: Homeowner Assistance Dept., NC Six Forks Road Raleigh, NC ELMO Fast Track ® : Genworth on-line workout approval system – Logon ID’s may be acquired by contacting the Genworth Action Center ® at Homeowner Assistance Contact Information


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