Genworth Mortgage Insurance Australia has announced it has renewed its Supply and Service Contract with CBA to provide Lenders Mortgage Insurance from 1 January 2017. This contract represents 43% of Gross Written Premium in 1H16.
The contract will be for 3 years to 31 December 2019. Genworth will be the exclusive provider of LMI to CBA for a minimum specified percentage (determined by the number of funded applications for new loans) of new high LVR residential mortgage loans. The minimum LMI percentage is consistent with the level set in 2014 and is fixed for the duration of the renewed term.
You can read our recent post on LMI here.
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