Genworth Tallies Loan Workouts in Mortgage Insurance Area

Loan workout efforts conducted by the mortgage insurance business of Genworth Financial saved nearly $3.4 billion in mortgages from foreclosure in the 12 months ending March 31. Its Foreclosure Prevention Scorecard found the leading states for workouts, in order, were California ($347 million), Florida ($342 million), Arizona ($175 million), Texas ($173 million), Illinois ($167 million), Georgia ($164 million), New York ($152 million), New Jersey ($144 million), North Carolina ($122 million) and Maryland ($107 million). Mortgage dollars saved were up more than 81% from the same period last year. During the period, Genworth worked with its lender partners and servicers to complete more than 23,000 mortgage workouts nationwide. Loan modifications (33%), were the leading workout type, followed by the federal government's Home Affordable Modification Program (24%), repayment plans (19%) short sales (18%), and Fannie Mae's Homesaver Advance program (4%). Nationally, eight out of 10 workouts were classified as cures. Genworth's cure rate remains above 80% in 35 of 50 states nationwide.