Richmond, Va.-based Genworth Financial says its U.S. mortgage insurance business was seeing positive results from the Obama Administration's Home Affordability Refinance Program (HARP).
HARP is intended to help home buyers avoid foreclosure by lowering their interest rates and monthly payments. On average, a borrowers' interest rates go down 1.5 points, and their monthly mortgage payments go down an average of 13.5% after re-financing through HARP. Genworth, which joined the HARP program days after its inception in early March, says the early indications are positive.
Genworth says it is working closely with its large lender customers to help implement HARP loan programs. The company also has supported the "New Servicer" program introduced by Fannie Mae and Freddie Mac, which permits borrowers with mortgage insurance to switch from one servicer to another in support of HARP refinances.
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