Genworth Mortgage Insurance has unveiled detailed information and resources to enable customers make a smooth transition to its new master policy planned to be implemented later this year.
Apart from enhancing process transparency and providing clarity of coverage, the new master policy will give customers clear steps and timelines for managing claims and resolving disputes.
The company said that the new master policy resources have been developed in consultation with the Federal Housing Finance Agency (FHFA), Federal National Mortgage Association (Fannie Mae), and Federal Home Loan Mortgage Corporation (Freddie Mac).
It will ensure that loans insured under the new Genworth Master Policy will be eligible for sale to Fannie Mae and Freddie Mac.
The resources also clearly dictate the responsibilities of mortgage insurers, loan originators and servicers to avoid confusion.
Genworth MI commercial operations senior vice president John Clifford said, "The new master policy further strengthens the contribution private mortgage insurance makes to a robust and durable housing finance system."
"We recognize there will be impacts to some customers’ established processes, procedures, and systems.
"Our top priority is to provide resources and support to help customers identify areas that might require their attention, before the new policy takes effect," Clifford added.
In order to make insured loans eligible for sale to Fannie Mae and Freddie Mac, all mortgage insurers are required to introduce their own version of a new master policy.