The mortgage insurance division of Genworth Financial has created three new senior management positions, filling the posts with current executives.
Jacqui Pearce was named senior vice president and chief operations officer with Rohit Gupta being named senior vice president and chief commercial officer. Jim Bennison was named senior vice president of strategy and capital markets. Bennison will work on issues dealing with Fannie Mae and Freddie Mac.
Meanwhile, in related company news, the Genworth Financial MI has knocked nine states off its list of declining/distressed markets, leaving its troubled list to just five: Arizona, California, Florida, Michigan and Nevada.
Genworth, the nation's fourth largest MI, on Monday liberalized some of its underwriting guidelines, telling its mortgage banking customers that it will insure cash-out refis and second homes in non-declining markets.
However, the cash-out refinance rule changes apply to loans with maximum LTVs of 85% and minimum credit scores of 700.