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Genworth responds to LMI criticism

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Australian Broker | 22 Mar 2011, 05:00 AM Agree 0
Genworth Financial has lashed out at widespread industry criticism of LMI and its impact on borrowers and competition
  • davo_j | 22 Mar 2011, 01:35 PM Agree 0
    Genworths comments are laughable but not surprising. What percentage of clients ever see these refunds? Unless the client is savvy enough to request the refund from the lender, they just hang onto it or in many cases the refund option was negotiated away by the lender in lieu of cheaper premiums (after which premium increases quickly followed).

    In spite of Ms Comefords comments LMI is the biggest barrier to refinancing in many cases and will remain so until LMI Portability is introduced.
  • T. Hamilton | 22 Mar 2011, 03:25 PM Agree 0
    Re: LMI refunds. In the vast majority of cases the lender keeps any LMI refunds and will only pass these on to the borrower if the (borrower) is aware a refund exists and asks for it.
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