Claims Management

Genworth's goal is to support home ownership and is committed to supporting you and your customers when experiencing mortgage arrears and default.

Claims management FAQ's

When do I report a loan that is in default? More/Close

All insured loans are reportable on a monthly basis where arrears are 3 months. The loan continues to be reported each month thereafter until the arrears fall under the 3 month threshold, been cured by way of loan payout or a claim has been paid.

How do I report a defaulting loan? More/Close

A monthly report is required that outlines all insured loans. Genworth must receive the report within 14 days after the end of the reportable period. Eg If the reportable period is 30/9/2010 the report must be received by 31/12/2010.

Is there a particular format required to report defaulting loans? More/Close

Genworth has a standard arrears reporting template that we ask all lenders to complete.

Legal action is required on a defaulting loan. What do I do? More/Close

Commence your action as required in line with the legislative requirements for the property in question. The action taken should be reported in your monthly report. If you are unsure of the action taken, or problems arise during the process, consult with your claims coordinator at Genworth.

Legal action is proceeding to the point where gaining possession of a property is likely. What do I do? More/Close

Ensure that your claims coordinator at Genworth is aware of the situation and kept up to date with the action taken on the property.

I have taken possession of a property. Who should I contact and what information is required? More/Close

Formal possession must be advised within 14 days of it being obtained. Contact your claims coordinator and they will provide you with the standard requirements of Genworth. Ensure that the property is secure.

We are selling a property that has come into possession. Do I need to contact Genworth to discuss sale options? More/Close

From the time possession has been obtained, regular contact with your claims coordinator should be held. You may require approval to certain costs associated with the sale and the listing or reserve prices of the insured property.

A property that was sold under mortgagee sale circumstances has settled and a loss has occurred. What do I do? More/Close

Advise your claims coordinator that settlement has occurred and confirm whether a claim will be lodged.

How do I receive payment if a loss is incurred on a property? More/Close

Complete the claim form and forward with any ancillary information to your claims coordinator for assessment before payment will be made.

What happens when a claim has been paid? More/Close

Genworth will attempt recovery of the loss from the borrower as an unsecured creditor.