In releasing its second quarter financial results Genworth cited better training and technology for boosting the mortgage industry’s ability to detect fraud.
Stuart Levings, Genworth’s CEO in Canada, said: “On balance, the quality of the loans in the market as a whole is very strong in today’s environment.”
Genworth Canada’s financial report showed strong growth:
- Compared to the same quarter in the prior year, new insurance written was up by $1.3 billion or 24 per cent, driven by higher market penetration and a larger origination market. As a result of typical seasonality, new insurance written increased by $2.9 billion as compared to the prior quarter.
- Premiums written from the transactional insurance segment were $183 million. This represents an increase of $55 million, or 43 per cent, from the same quarter in the prior year.
- The company wrote $4.1 billion of portfolio insurance on low loan-to-value mortgages, representing a decrease of $4.1 billion or 50 per cent compared to the same quarter in the prior year.
The number of delinquencies outstanding was 1,666, a decrease of 126 from the prior quarter, primarily reflecting seasonality.
Compared to the same quarter in the prior year, this represented a decrease of 37 delinquencies arising primarily from a decrease in Ontario and British Columbia, and partially offset by an increase in Quebec.
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Canada’s largest private mortgage insurer has revealed good news for the industry but bad news for investors.