Genworth says mortgage fraud is down, financials released

Canada’s largest private mortgage insurer has revealed good news for the industry but bad news for investors.

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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