Loan modifications were leading workout type for Genworth Financial

Private mortgage insurer Genworth Financial helped prevent almost $3.4 billion in mortgages from going into foreclosure in the 12 months ending March 31, the company reports in its first-quarter Foreclosure Prevention Scorecard.

Genworth says it worked with servicers to complete more than 23,000 loan workouts through its homeowner assistance program, resulting in home retention for eight out of 10 borrowers.

Loan modifications were the leading workout type (33%), followed by the federal government’s Home Affordable Modification Program (HAMP) (24%), repayment plans (19%), short sales (18%) and HomeSaver Advances (4%). HomeSaver Advance is a Fannie Mae program in which funds are loaned to the borrower by the investor in order to bring the loan current.

Workouts through HAMP continued to gain traction, with Genworth HAMP workouts nationwide accounting for more than $750 million in mortgages saved in the first quarter of 2010 – an 82% increase from the previous quarter.

Genworth’s cure rate remains above 80% in 35 of 50 states nationwide, the company adds.

Among the top 10 states, Phoenix was the leading city for mortgage dollars saved ($51 million), followed by Chicago ($40 million), Miami ($31 million), Houston ($22 million) and Charlotte ($19 million).
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Source: http://www.mortgageorb.com/e107_plugins/content/content.php?content.5979

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Tags: foreclosure prevention, Genworth Financial, loan modification, loan workouts, Private mortgage insurer