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Tag Archives: Genworth

CFPB Files Complaints Against Mortgage Insurers for Alleged Kickbacks

The CFPB took action against four mortgage insurance companies who gave kickbacks to lenders in exchange for business. The CFPB filed complaints and proposed consent orders against Genworth U.S. Mortgage Insurance Corporation, Mortgage Guaranty Insurance Corporation, Radian Guaranty Inc., and United Guaranty Corporation for their alleged roles in kickback arrangements. ""The orders announced today put an end to these types of arrangements and require these insurers to pay more than $15 million in penalties for violating the law,"" said CFPB director Richard Cordray.

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Ocwen Closes Deal for Genworth’s Liberty Home Equity Solutions

Ocwen Financial Corporation announced the closing of its deal to acquire the country's largest reverse mortgage lender. The Atlanta-based financial services holding company announced in October it had entered into an agreement with Genworth Financial Corporation to purchase Liberty Home Equity Solutions, at the time known as Genworth Financial Home Equity Access. The purchase price was approximately $22 million. Ocwen CEO Ron Faris said the deal ""positions [Ocwen] well in a market with enormous future growth potential.""

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Genworth Hires New CRO

Genworth Financial, Inc. announced a new chief risk officer (CRO) for its Genworth U.S. Mortgage Insurance (USMI) unit. Michael Derstine was selected for the position as CRO. Before joining Genworth, Derstine worked at Republic Mortgage Insurance Company where he most recently served as capital deployment group manager.

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Private MI Activity Up Despite Concerns About Future

The number of borrowers using private mortgage insurance (MI) keeps going up, according to Friday's monthly statistics release from Mortgage Insurance Companies of America (MICA). MICA's member companies--which include Genworth Mortgage Insurance, Mortgage Guaranty Insurance, and Radian Guaranty--reported a total of $397.5 billion in primary insurance in force for August, an increase from $396.4 billion in July. The total primary insurance in force received a boost from reported month-to-month increases in dollar volume, certificates issued, and applications.

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