Genworth U.S. Mortgage Insurance Introduces Simply Underwrite (SM), Providing One Expanded National Underwriting Standard for

Genworth U.S. Mortgage Insurance Introduces Simply Underwrite (SM), Providing
        One Expanded National Underwriting Standard for All Customers

Helps Lenders Serve Growing Housing Market While Maintaining Risk Discipline

PR Newswire

RICHMOND, Va., Feb. 11, 2013

RICHMOND, Va., Feb. 11, 2013 /PRNewswire/ -- Lenders now are able to offer
simplified and expanded national mortgage underwriting guidelines that allow
lower credit scores and eliminate nearly all geographic restrictions using new
Simply Underwrite (SM) guidelines from Genworth U.S. Mortgage Insurance
(USMI), a unit of Genworth Financial, Inc. (NYSE: GNW).

Genworth USMI's Simply Underwrite guidelines collapse several current sets of
underwriting guidelines, based on institution type, origination channel and
other factors, into one expanded national underwriting standard for loans
approved by Desktop Underwriter® (DU) or Loan Prospector® (LP), the automated
underwriting systems (AUS) of the Federal National Mortgage Association
(Fannie Mae) or Federal Home Loan Mortgage Corporation (Freddie Mac),

"Simply Underwrite provides expanded guidelines that are easy for customers to
understand and use, while maintaining prudent underwriting standards that
allow us to appropriately manage risk," said John Clifford, senior vice
president, commercial operations of Genworth USMI.

Simply Underwrite guidelines provide the same pricing, flexibility and ease of
use to all Genworth USMI mortgage lender customers, from national mega-lenders
to community banks and credit unions. The new guidelines allow loan
originators and processors to quickly determine if a loan is eligible for
mortgage insurance coverage from Genworth USMI.

Eligible DU "Approve" and LP "Accept" loans that meet the Simply Underwrite
eligibility grid can be insured with these simple overlays:

  oMinimum borrower contribution of at least 3 percent from borrower's own
  oFull URAR appraisal or Fannie Mae Form 2055 exterior-only inspection;
  oVerbal verification of employment obtained within 30 days prior to loan
    closing; and
  oCondominium/cooperative Unit project approval considerations.

Genworth USMI also now offers one set of guidelines with increased flexibility
for lenders who submit non-AUS loans.

The expanded Simply Underwrite guidelines, which allow Fair Isaac and Company
(FICO) credit scores as low as 660 for most borrowers purchasing a home with a
five percent down payment, will help lenders support the recovering housing
market. The expanded guidelines also will remove geographic and property-type
restrictions in all markets except for attached housing units in Florida,
which still will require Genworth USMI to underwrite to determine eligibility
for mortgage insurance coverage. The simplified guidelines also will allow
debt-to-income ratios up to 45 percent. The guidelines apply to both retail
and third-party originators.

Clifford said Genworth USMI will closely monitor the performance of loans
under the new guidelines, but noted that loans from customer segments already
using similar expanded guidelines have a history of good performance.

The Simply Underwrite guidelines are part of Genworth USMI's Simplify MI(SM)
program dedicated to saving lenders time and boosting their business. Simplify
MI extends the company's commitment to offer lenders additional value beyond a
competitive price. Genworth USMI already has the fastest approval times in the
industry, and offers live scenario modeling for customers through its

To learn more about Simply Underwrite, customers can contact their account
representative, go to, or they can call
Genworth USMI's ActionCenter® at 800-444-5664, or

About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500 insurance
holding company dedicated to helping people secure their financial lives,
families and futures. Genworth has leadership positions in offerings that
assist consumers in protecting themselves, investing for the future and
planning for retirement -- including life insurance, long term care insurance,
financial protection coverages, and independent advisor-based wealth
management -- and mortgage insurance that helps consumers achieve home
ownership while assisting lenders in managing their risk and capital.

Genworth has approximately 6,300 employees and operates through three
divisions: U.S. Life Insurance, comprising the U.S. Life Insurance segment,
which includes life insurance, long term care insurance (LTC) and fixed
annuities; Global Mortgage Insurance, containing U.S. Mortgage Insurance and
International Mortgage Insurance segments; and the Corporate and Other
division, which includes the International Protection, Wealth Management and
Runoff segments. Its products and services are offered through financial
intermediaries, advisors, independent distributors and sales specialists.
Genworth Financial, Inc., headquartered in Richmond, Virginia, traces its
roots back to 1871 and became a public company in 2004. For more information,
visit From time to time, Genworth Financial, Inc. releases
important information via postings on its corporate website. Accordingly,
investors and other interested parties are encouraged to enroll to receive
automatic email alerts and Really Simple Syndication (RSS) feeds regarding new
postings. Enrollment information is found under the "Investors" section of

SOURCE Genworth Financial, Inc.

Contact: Alfred King, Genworth U.S. Mortgage Insurance, +1-919-846-3018,
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