Australian Broker forum is the place for positive industry interaction and welcomes your professional and informed opinion.

LMI portability already a reality: Genworth

Notify me of new replies via email
Australian Broker | 06 Apr 2011, 07:45 AM Agree 0
Genworth has claimed refunds and discounts mean a degree of portability already exists for LMI products
  • Peter | 06 Apr 2011, 12:28 PM Agree 0
    Who is Genworth kidding? Most lenders stopped passing this rebate on years ago. Does this mean that lenders are pocketing premium refunds that should go to borrowers?
    I would also expect that state governments already has a central repository. Why else do we pay mortgage registration?
  • Country Broker | 06 Apr 2011, 12:51 PM Agree 0
  • countrybroker | 06 Apr 2011, 12:57 PM Agree 0
    Refunds are only applicable in the first couple of years at best and the lender hardly ever passes them on!! What about the commissions the lenders and mortgage managers who receive insurance commissions for the policy payments made by the borrowers for the policy?? Oh dear no one ever talks about those either, it is the industries little secret ! PLease MFAA & FBAA get going get a goverment LMI in place , if Wayne Swann is fair dinkum about reforms he needs to address this issue NOW.

    Bring back a transparent
  • Peter M | 06 Apr 2011, 01:31 PM Agree 0
    If Mortagge Insurers are claiming portability already exists then where is this information coming from and is this readily available to clients. It appears that someone is benefiting when LMI insured loans are refinanced and it does not appear to be the clients that benefit. Who does benefit would be an interesting result.!
Post a reply