Master Policy Resources
The FHFA in conjunction with Fannie Mae and Freddie Mac, has completed work with the MI industry to implement
a new Master Policy by Fall, 2014. Genworth has received approval to file the new Master Policy and collaborate
with Lenders to begin the implementation planning process. The new Master Policy provides a much greater degree of
process transparency and clarity of coverage. However, as will be the case with all MI provider Master Policies,
we anticipate there will be impacts to established processes and systems primarily affecting Servicing operations.
Our goal is to make the transition to the new Master Policy as simple as possible. The Master Policy resource
center is intended to provide you with a central location to access a range of implementation resources including
sample policy documentation, implementation considerations, operating guides, and reporting requirements for the
new Master Policy.
We recommend bookmarking this page as we will continue to provide updates and additional materials throughout
the implementation phase.
Master Policy Resources
Master Policy Webinars
Genworth is hosting a series of webinars providing new Master Policy updates and Servicing focused implementations. Click the link below on the preferred date and time to register.
Master Policy and Endorsement Samples
Servicing and Operating Guides (Effective with new Master Policy)
The new Master Policy requires monthly reporting for both performing and delinquent loans. Although an effective date for the new Master Policy has not yet been established, in recognition of the operational changes the monthly reporting provisions may bring about, we are planning for a phased in approach for the new requirements. Genworth will not require the new reporting to be delivered on Day One, but rather Servicers will only be required to provide a minimum data set (as highlighted in green in the MILAR reporting template or Minimum Data Set template), beginning July 1, 2015.
Full MILAR Servicing Template
The Mortgage Insurance companies have created a uniform, updated template for reporting monthly loan activity. This template should be used by Servicers with Delegated Workout Authority or those with a large volume of workout activity to report.
Minimum Data Set Template
Servicers who do not currently take advantage of Delegated Workout Authority or do not currently use the full MILAR template can opt to use the abbreviated Minimum Data Set template which contains only 32 fields to meet the reporting requirements.
Mortgage Insurance discussed in this website is underwritten by either Genworth
Mortgage Insurance Corporation, Genworth Residential Mortgage Insurance Corporation
of North Carolina or Genworth Residential Mortgage Assurance Corporation.