Lenders mortgage insurance (18 items)

Defaults dent Genworth

Home loan defaults lifted across much of this year, with the level of claims paid by Genworth Mortgage Insurance Australia one monitor of what must be a wider industry trend. read more

Moody’s puts Genworth on downgrade review

In a move that parallels its one-notch ratings downgrade of most of Australia's largest home loan providers in the banking sector, Moody's has downgraded the insurance financial strength rating of Westpac Lenders Mortgage Insurance Limited and placed the A3 insurance financial strength rating of Genworth Financial Mortgage Insurance Pty Ltd on review for downgrade. read more

Arch devours LMI fruit and Genworth entrails

Arch Capital Group is the rising titan of the Australian capital market, and jostling for claims as risk decision-maker-in-chief in a hyperventilating mortgage market. Westpac and Macquarie Bank are on board and NAB may join them, with a tender underway. A US upstart of recent vintage, Arch has, in less than two years, rounded up one quarter of an insurance niche once controlled indisputably by Genworth and QBE LMI. Genworth, troubled most by Arch, is reacting to, and coping with, the demolition of its business model by the usurper. Such is Arch's impact, global reinsurers aiming for a place on Macquarie's panel found themselves shut out. read more

Non-banks drawn to APRA macroprudential web

Pepper, Liberty, La Trobe, FirstMac, Resimac, AFG Home Loans, RedZed - the whole spread of non-banks –  are all APRA regulated now, at least when it comes to macroprudential policy and the use of more handbrakes on questionable residential lending.One vital, if final, detail in a long list of measures set out by the Australian Prudential Regulation Authority on Friday is directed at making a gutsy and vibrant non-bank mortgage funding sector conform to restraints equivalent to those imposed on authorised deposit-taking institutions.ADIs funding "warehouses" (licks of wholesale lending to non-banks to sustain new business) must "ensure that the lenders' mortgage lending standards are consistent with industry-wide sound practices," APRA decreed on Friday. read more

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