I recently applied for a 80% LVR loan from a nonbank lender (cheap rates) and after jumping through all the hoops, out of the blue one day I get an email saying "bad news, Genworth said no". I called to clarify and was told that while the lender's credit team was happy to go ahead, Genworth turned down my application and didn't provide the lender any reasons. Apparently because nonbank lenders are off-balance sheet (they package mortgages and onsell onto debt markets) all loans are LMI insured, even 80%LVR.
Hoping to get some insight from here - what could have caused this?
Hoping to get some insight from here - what could have caused this?
Turned down by Genworth for 80% LVR loan
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