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.
Read More »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.""
Read More »Genworth Financial Implements Mortgage Insurance Capital Plan
Genworth Financial got the go-ahead to implement its comprehensive capital plan for its mortgage insurance business. The plan has been fully implemented as of April 1, Genworth announced.
Read More »Genworth Mortgage Insurance Introduces Rates, Comparisons Tool
Genworth U.S. Mortgage Insurance (USMI), a unit of Genworth Financial, introduced a newly enhanced tool to help lenders more quickly compare rates or obtain rate quotes.
Read More »Genworth Announces Capital Plan for Mortgage Insurance Business
Genworth Financial announced a new comprehensive capital plan for its mortgage insurance business on Wednesday.
Read More »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.
Read More »Genworth Announces New President and CEO
Genworth Financial, Inc., announced a shakeup in its executive team. Thomas J. McInerney has been selected to serve as the company's president and CEO.
Read More »Genworth Financial Hires Regional VP of Sales
Genworth Financial, Inc. added a new leader to its sales team for the U.S. Mortgage Insurance (USMI) unit. Erin Kirkeeng joins USMI as regional VP of sales for the Western Region.
Read More »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.
Read More »Genworth Financial Adds Two to USMI Leadership
Genworth Financial, Inc., announced changes to the company's personnel designed to strengthen the leadership of its U.S. Mortgage Insurance unit.
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