A Lenders Mortgage Insurance (LMI) provider has announced the extension of its partnership with Commonwealth Bank.
Genworth has renewed its supply and service contract with CBA for the provision of LMI. The three-year term extends from 1 January 2020 to 31 December 2022.
The contract represented 53% of Genworth’s gross written premium in 1H19.
Genworth CEO and MD Georgette Nicholas said, “We are delighted that our long-standing relationship with CBA has been extended for another three years.
“The renewal is evidence of the broader demand by lenders for our risk and capital management solutions. Importantly, the agreement opens further opportunities to expand our relationship through continued investment in technology, product offerings and services that provide a better borrower experience.”
CBA’s executive GM of home buying, Dan Huggins, also expressed excitement over the continuation of the relationship with Genworth.
“As a leading provider of risk and capital management solutions in residential mortgage markets, Genworth plays an important role in helping Commonwealth Bank meet the home buying needs of our customers,” he said.
