Delegated Workout Program

Servicer Delegated Workout Program

Under this program, Genworth authorizes servicers to decision most retention workouts, as well as most non-GSE liquidation workouts, for Genworth-insured loans that they service. This delegation is in addition to existing delegated programs listed below as Approved Investor/Industry Delegated Programs. Program details are available in Genworth’s Servicer Delegated Workout Program Parameters document, available by calling the Genworth ActionCenter at 800 444.5664.

REQUIREMENTS

This delegation is subject to the following requirements:
  • Standard workout packages and documentation are required for all borrowers liable for the mortgage.
  • Borrower must be experiencing a legitimate “hardship”.
  • Monthly workout reporting is required as specified by Genworth.
  • Servicer must meet investor guidelines for all workout approvals.
  • All other guidelines as outlined in Genworth’s master policy, applicable Lender Servicing Guide and the applicable Default Management Servicing and Reporting Guide.
  • Periodic reviews will be conducted to determine workout program compliance.

APPROVED INVESTOR/INDUSTRY DELEGATED PROGRAMS

  • Fannie Mae Flex Modification Program
  • Freddie Mac Flex Modification Program
  • US Treasury’s Home Affordable Modification Program
  • US Treasury’s Home Affordable Foreclosure Alternatives Program
  • Fannie Mae Standard Modification Program
  • Freddie Mac Standard Modification Program
  • Fannie Mae Streamlined Modification Program
  • Freddie Mac Streamlined Modification Program
      
  • Fannie Mae Standard Short Sale/HAFA II Program
  • Fannie Mae Standard Deed-in-Lieu of Foreclosure Program
  • Fannie Mae Deed-for-Lease Program
  • Freddie Mac Standard Short Sale / HAFA II Program
  • Freddie Mac Standard Deed-in-lieu Program
  • Fannie Mae Principal Reduction Modification Program
  • Freddie Mac Principal Reduction Modification Program

Note: For Servicer/Investor Delegated Programs that fall outside the Genworth Delegated Program, submit the written program guidelines via email to delegatedlossmit@genworth.com for delegation consideration.

Important

Workout Reporting is required. Get the details

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