At Genworth Canada, we take your business seriously and want to make it as smooth and convenient as possible for you to work with us. We will always be delighted to speak with you one-on-one to answer any questions you may have. However, here are some answers to commonly asked questions that may provide you with the information you need.
Where do I fax/email supporting documents requested by Genworth Canada?
A: All provinces (excluding Quebec):
- Fax documents to 1.800.927.6323, or
- Email to firstname.lastname@example.org
- Fax documents to 1.877.471.4144, or
- Email to email@example.com
How do I send premiums to Genworth Canada?
A: Either mail premiums to: Genworth Canada P.O. Box 2628 Station A Toronto, ON M5W 2N7 or contact our national underwriting centre to discuss our Electronic Funds Transfer option.
How do I calculate top-up premiums on ports?
A: The premium is the lesser of the "full premium" (full mortgage amount x % based on loan to value) or "top-up premium" (Top-up/Increase amount x %).
With a 90% LTV mortgage amount of $200k, the outstanding mortgage balance on existing is $150k and the top-up/increase amount is $50k
Full premium = $200,000 x 2.40% = $4,800
Top-up premium = $50,000 x 4.90% = $2,450
In this case, the top-up premium is less. Therefore, the premium charged would be $2,450
For faster decisions on “Port” and “Top-Up” applications, please be sure to include the outstanding balance of the mortgage you are porting/refinancing.
I need to submit a new construction purchase. My client and I do not have the postal code. What postal code should I put in my submission?
A: You can look for the postal code at www.canadapost.ca (Postal Code search) or you can ask the home builder. If you still cannot find the postal code, please call Genworth Canada at 1.800.511.8888.
Is it necessary to notify Genworth Canada of an assumption or release of covenant?
A: No, it is not necessary to notify Genworth Canada of an assumption or release of covenant. It will be the lender’s responsibility to ensure the new covenant qualifies as per their internal underwriting guidelines. Lenders will continue to have the option of submitting the new covenant to Genworth Canada for adjudication if this is part of their existing internal process.
Please explain Genworth Canada’s auto-adjudication process.
A: Genworth Canada has auto-adjudication technology that enables many applications to be approved within minutes. However, the system does not automatically-decline applications.
Our team of lender-specific Underwriters and seasoned account managers work together to service your customer's loan throughout the entire adjudication process. An application is not declined until it has been reviewed by a Senior Underwriter and every effort has been made to restructure the deal.
At Genworth Canada, we understand the industry and are committed to working with you to help your business grow.
Does Genworth Canada have an adjudication technology for lenders to submit their applications?
A: Yes. We understand the importance of fast and reliable processing of mortgage insurance applications for your clients and have invested in technology to make sure this is what we deliver. Genworth Canada’s Excel™ is a fully automated delivery and decisioning system that enables applications to be adjudicated within minutes, without paperwork.