008: Sean Reid Shares How Mortgage Default Insurance Keeps Interest Rates Low for Customers

Kyle Miller talks with Sean Reid of Genworth Canada about mortgage default insurance, protecting lenders, and keeping interest rates low for customers.

Introduction

Sean Reid is an Account Manager with Genworth Canada in Ottawa, ON. Genworth is the largest private mortgage insurer in Canada, largely shaping the country’s real estate market. With a firm commitment to assisting potential buyers with the purchase of become homeowners, their expertise in financial literacy and educational programs ensures wise investments for its clients. Its wide array of functional resources provides a user-friendly experience for customers.

As a former Mortgage Planning Specialist for the Investors Group, in addition to many other roles within the financial industry, Sean utilizes his experience and expertise to best protect his clients’ best interests.

Sean discusses how mortgage default insurance keeps interest rates low for customers.

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Key Points

  • [0:33] Tell us a bit about yourself.
  • [1:02] We insure mortgages and protect lenders in cases of default on the part of clients.
  • [1:28] What is your role with Genworth?
  • [3:49] How does mortgage default insurance differ from other forms of insurance?
  • [4:27] What is the purpose of mortgage default insurance?
  • [5:14] Having 20% down is, typically, the only way to not have mortgage default insurance.
  • [6:55] What sets Genworth apart from other insurance companies?
  • [7:53] Aside from prices, what benefits and premiums does Genworth offer to its clients?
  • [9:43] We offer a stated income service.
  • [10:31] We work with clients to assist with avoiding default.
  • [12:15] We want to help people stay in their homes.
  • [14:02] How can customers begin a conversation with you or other Genworth representatives?
  • [15:38] Be proactive in pursuing an insurer.
  • [16:15] We are aware of recent layoffs in the region.
  • [17:00] How have recent trends in the market affected the insurance industry?
  • [17:48] We assist with providing temporary relief for those in need.
  • [18:15] In 2015 we did over 5,000 insurance workouts across Canada.
  • [21:59] What is the best real estate advice you’ve ever received?
  • [22:54] Be wary of early emotional connections to a home.
  • [23:52] Listen to your home inspector’s advice.

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