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FAQ's

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At Genworth, we take your business seriously and want to make it as smooth and convenient as possible for you to work with us. We will always be delighted to speak with you one-on-one to answer any questions you may have. However, here are some answers to commonly asked questions that may provide you with the information you need.

Where do I fax supporting documents requested by Genworth?

A: Fax documents to 1 800 927.6323.

How do I send premiums to Genworth?

A: Either mail premiums to: Genworth Financial Canada P.O. Box 2628 Station A Toronto, ON M5W 2N7 or contact our national underwriting centre to discuss our Electronic Funds Transfer option.

How do I calculate top-up premiums on ports?

A: The premium is the lesser of the "full premium" (full mortgage amount x % based on loan to value) or "top-up premium" (Top-up/Increase amount x %).

For example: with a 90% ltv mortgage amount of $200k, the outstanding mortgage balance on existing is $150k and the top-up/increase amount is $50k
Full premium = $200,000 x 2% = $4,000
Top-up premium = $50,000 x 4.25% = $2,125
In this case, the top-up premium is less. Therefore, the premium charged would be $2,125 

For faster decisions on “Port” and “Top-Up” applications, please be sure to include the outstanding balance of the mortgage you are porting/refinancing.

How do I calculate the blended amortization? (blended amortization macro)

A: Use our Refinancing calculator to calculate the blended amortization.

I need to submit a new construction purchase. My client and I do not have the postal code. What postal code should I put in my submission?

A: You can look for the postal code at www.canadapost.ca (Postal Code search).You could also ask the builder. If you still cannot find the postal code, please call Genworth Financial Canada at 1 800 511.8888.

Is it necessary to notify Genworth of an assumption or release of covenant?

A: No, it is not necessary to notify Genworth of an assumption or release of covenant . It will be the lender’s responsibility to ensure the new covenant qualifies as per their internal underwriting guidelines. Lenders will continue to have the option of submitting the new covenant to Genworth for adjudication if this is part of their existing internal process.

Please explain Genworth Financial's auto-adjudication process.

A: Genworth Financial has auto-adjudication technology that enables many applications to be approved within minutes. However, the system does not automatically-decline applications.

Our team of lender-specific Underwriters and seasoned account managers work together to service your customer's loan throughout the entire adjudication process. An application is not declined until it has been reviewed by a Senior Underwriter and every effort has been made to restructure the deal.

At Genworth, we understand the industry and are committed to working with you to help your business grow.

Does Genworth Financial have an adjudication technology for lenders to submit their applications?

A: Yes. we understand the importance of fast and reliable processing of mortgage insurance applications for your clients. and have invested in technology to make sure this is what we deliver. Genworth Financial's Excel™ is a fully automated delivery and decisioning system that enables applications to be adjudicated within minutes, without paperwork.

How can Genworth Financial help our business grow?

A: We help our clients grow through our commitment to quality. Our goal is to achieve a supreme level of excellence in everything we do. By executing our Six Sigma Quality program, we continuously listen and improve processes to meet your needs and the needs of your clients.