6.2 Minimum Verification Requirements - Refinancing or Debt Consolidation

• Genworth's LMI Proposal Form contains the following question:
  Has the repayment history on all facilities being refinanced been confirmed as satisfactory?
• Set out below is Genworth's definition of 'satisfactory' for the purpose of the above question
• If you have a proposal that does not meet these definitions, and you wish to submit to Genworth for acceptance, then please answer 'no' to the question on the LMI Proposal Form and submit with the relevant supporting documentation.

6.2.1 Verifying Satisfactory Repayment History Means

• Reviewing loan conduct over the previous 6 months by obtaining the most recently issued loan and account statements for all loans being refinanced (or three months for credit card debts) and evidence of repayments being maintained since the last statement was issued. This evidence is to be retained on file
• If the loan statements are greater than 6 months old, the borrower must provide other evidence that the loan repayments are up to date (eg. A copy of deposit payment receipts, Internet statements, or statements showing the deductions being made from another account). This evidence should be no older than 3 months prior to the date of the loan application
• Reviewing these statements so as to ensure that they contain no evidence of any the following:
  • There has been more than one late payment (30 days or more overdue) in the last six-month period;
  • A missed payment remains unpaid;
  • Any number of dishonoured payments; or
  • The loan is, or has been, outside of the approved limit or scheduled balance during the prior six-month period.
• If any unsatisfactory elements described above are evident, a detailed and acceptable written explanation must be provided with the LMI Proposal, along with copies of the loan statements.