GENWORTH FINANCIAL'S HARDSHIP SOLUTIONS

What is hardship solutions?

Hardship solutions is an area of Genworth that has been established to provide assistance to borrowers who are experiencing difficulties in meeting their mortgage commitments due to unforeseen circumstances.

Similar assistance has been implemented successfully by Genworth in other parts of the world, where it is known as “Workout”, and we are pleased to now offer these solutions in Australia.

How does this work?

A team of dedicated Genworth professionals monitor customer delinquency reports to identify any cases where a solution may be applicable.

Genworth works together with the lender and the borrower to negotiate a solution aimed at curing mortgage defaults and keeping borrowers in their homes.

Lenders can submit a Hardship application form to Genworth via email or fax.

Please note that for Hardship applications under natural disasters you should submit a Hardship (Natural disasters) application form.

At present Genworth is helping upwards of 100 families a month to avoid the emotional stress felt when faced with the possibility of having their home repossessed. Hardship solutions can also assist borrowers hold on to an investment property if they have suffered a genuine hardship.

Benefits of hardship solutions

Lender

Revenue Growth	The Customer maintains the revenue stream for the loan
Stronger Investor Relations	Preserves investor cash stream
Lower Delinquency Ratio	The mortgage remains in good standing with the customer's portfolio
Lower Loss Reserves	Reduces capital provisioning for delinquencies
Increased Future Business	Builds strong loyalty between the Borrower and the Customer
Reduced Costs	Avoids high cost servicing of a delinquent loan
Good Public Opinion	Positive public reactions

Borrower

Borrower can Stay in Their Home	The Borrower remains in their home
Maintain Good Credit Rating	Avoid Delinquent Credit Bureau Reporting Avoid Mortgagee in Possession sale
Other Commitments	Avoid spiralling affects of default on other debts
Reduced Emotional Strain	Preserve quality of life and reduce impact of hardship
Future Borrowing	Allows for future borrowing after credit is re-established
Third Party Assistance	No longer that feeling of hopelessness and that there may be an alternative

For more information about how Genworth can assist please contact us on 1300 655 422 (AU) or 0800 601 702 (NZ) between 9am and 5pm Monday - Friday or contact your local Genworth sales representative.