Powered by MOMENTUM MEDIA
realestatebusiness logo

Subscribe to our newsletter

CBA renews LMI deal

Genworth will continue to be the exclusive mortgage insurer for CBA after the bank yesterday renewed its contract with the LMI group for another three years.

Genworth Mortgage Insurance Australia yesterday announced that it has renewed its Supply and Service Contract with CBA for the provision of lenders mortgage insurance with effect from 1 January 2017.

The contract represented 43 per cent of gross written premium in 1H16.

“We look forward to continuing our long-standing partnership with CBA under the new agreement,” Genworth CEO Georgette Nicholas said.

“Our value proposition to customers remains strong and we continue to invest in our relationship with CBA through technology, policy and services that provide a better borrower experience,” she said.

Advertisement
Advertisement

“Importantly for our shareholders, we renewed our agreement with CBA on terms that we expect will secure appropriate returns.”

Ms Nicholas said that as the LMI provider navigates cyclical changes in the market it remains focused on maintaining its risk management discipline.

“At the same time, we are committed to enhancing the current business model so that it meets the capital and risk management needs of our lender customers.”

CBA’s executive general manager, home buying, Dan Huggins, said Genworth plays an important role in helping Australia’s biggest mortgage provider meet the home buying needs of its customers.

The contact will see Genworth provide LMI to CBA for a term of three years through to 31 December 2019.

 

CBA renews LMI deal
mortgagebusiness

Latest News

The tech company has appointed its first female chief executive to succeed Ian Hendey and continue its expansion plans. ...

The third-party channel is now responsible for more than half of Bendigo and Adelaide Bank’s loan book, new data shows. ...

The Mortgage Business Uncut podcast is your weekly analysis of the biggest themes shaping the Australian mortgages market. ...

VIEW ALL

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

Do you think the new NSW property tax will help or hinder first home buyers?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.