Genworth Financial Homeowner Assistance Evaluator

Sometimes life delivers an unexpected blow. If you have a Genworth-insured mortgage, their Homeowner Assistance Program can help should you find yourself in financial difficulty. Their Homeowner Assistance Specialists will work together with you and your lender to reach the best solution -- with the goal of keeping you in your home.

The Homeowner Assistance Evaluator will help them better understand your situation and determine one or more solutions that may be available to you.

The Genworth Financial Canada Homeownership Site also has great information for First Time Home Buyers.

A condo in the city. A townhouse in the suburbs. A cottage in the country. Buying your first home is an important (and exciting) decision. For the first time, you'll have a place to call your very own. A place to entertain. A place to decorate. A place to raise a family. It really is a life-changing purchase.

But how do you get there?

Starting the journey to homeownership can be overwhelming. But with a little preparation and the right resources, you can buy a home that best suits your lifestyle. With common-sense advice and information, The Genworth Financial Canada Homeownership Site is your one-stop resource to help you through every step of the journey. Whether you're looking for budgeting tips, expert advice - even if you're new to Canada - this site breaks the homebuying process down in easy-to-understand terms.

Mortgage Insurance Guarantee Parameters

On Friday, September 19, 2008 the Department of Finance issued its final mortgage insurance guarantee parameters and accompanying explanatory notes. The final guidelines follow the initial announcement on the financial guarantee for mortgage insurance providers issued July 9, 2008 by the Department of Finance.

There are two noteworthy changes from the draft parameters:

1. Elimination of reference to a Total Debt Servicing (TDS) number, replaced by a principles based approach;
2. Reduction in minimum credit score to 600 from 620. Three percent “basket” for flexibility remains;

These modifications follow discussions with stakeholders, including CAAMP. CAAMP through its submission focused its comments on the minimum credit score and welcomes the decision by the Department of Finance to adjust the credit score.

AIG has joined CMHC and Genworth in announcing the end of insured 40-year amortizations and 100% financing.

Canada's second-largest private mortgage insurer, AIG United Guaranty Canada, confirmed today that it supports the new policy provisions announced by the Department of Finance for loans that are default insured under the Government of Canada Guarantee.
"We view this as a prudent approach taken by the government to support the long-term health and sustainability of the Canadian housing market," said Andy Charles, president of AIG United Guaranty Canada. "We support this direction and will amend our product line-up to reflect the new policy set out by the Department of Finance, commencing October 15, 2008, for all government guarantee mortgage insured loans."
AIG United Guaranty Canada has established a strong presence in the Canadian mortgage market since beginning operations in November 2006. With a customer base of more than 30 lending partners, the company will continue to work with its partners and mortgage professionals to develop solutions for the Canadian housing market.
[source - http://www.newswire.ca/en/releases/archive/July2008/18/c5829.html]