Between 2007 and the end of 2013, the company worked with borrowers and its mortgage servicing partners to help homeowners recover from the effects of the Great Recession. The company reported it had kept almost $22 billion of mortgages on the books of lenders and investors.
"Private mortgage insurance helps creditworthy borrowers navigate the path to homeownership years sooner than if they had to save for a 20 percent down payment," said Joe Hullinger, Genworth MI VP of operations. "But our mission also includes helping borrowers who encounter financial difficulty stay in their homes." Hullinger said.
Approximately 79 percent of all borrowers who received a workout were able to remain in their homes. The company commented that a "workout" is any measure to help homeowners in financial trouble.
The Genworth team helped distressed borrowers by obtaining loan modifications or other measures to temporarily or permanently lower monthly mortgage payments. Additionally, the team helped homeowners sell their home to avoid the deleterious costs associated with the foreclosure process.
"By collaborating with our partner servicers, these workouts create a win for everyone involved," Hullinger said. "They help the homeowner, reduce losses for investors, allow the servicer to continue receiving mortgage payments, and avoid or lessen losses for Genworth MI."