Fannie Mae and Freddie Mac have approved China Oceanwide Holdings Group Co.’s acquisition of Genworth Mortgage Insurance Corp. Also, the Delaware Department of Insurance gave the greenlight for Oceanwide to purchase Genworth Life Insurance Co.

Genworth Life Insurance Co. is the insurance subsidiary of Genworth Financial Inc., a Delaware-based corporation. The regulatory approvals are conditional on terms that were not disclosed because of confidentiality agreement, though Genworth and Oceanwide expect to be able to meet the conditions.

The merger agreement was agreed to on Oct. 21, 2016. Regulators in Australia and New Zealand have approved the transaction as well.

"We would like to thank the Delaware Department of Insurance, Fannie Mae, Freddie Mac and regulators in Australia and New Zealand for their diligence in reviewing our transaction," said Tom McInerney, president and CEO of Genworth. "We look forward to continuing to work with them following completion of the proposed acquisition."

Completing this transaction requires the receipt of regulatory approvals in the U.S., China and other international jurisdictions and other closing conditions. As disclosed on Nov. 30, 2018, Genworth and Oceanwide entered into an updated waiver and agreement to extend the termination date to Jan. 31, 2019, recognizing that securing all required regulatory approvals will likely extend into early 2019.

CoreLogic plans to enhance its appraisal management company services and will exit the loan origination software business and default management related services over the next couple of years in a bid to increase profit margins and enhance long-term organic growth trends.

“The actions we are announcing today should further position the company to achieve its 30 percent margin target and enhanced organic growth rates in 2020,” said Frank Martell, president and chief executive officer of CoreLogic.

[caption id="attachment_8671" align="alignleft" width="264"] Frank Martell[/caption]

Loan origination software and default management related services generated around $40 million in revenue during the first nine months of 2018. But the company will focus on business units that are scalable, and in which CoreLogic has a leadership position in the market.

During 2019, CoreLogic plans to accelerate its multi-year program designed to transform its AMC operations through the greater use of data-driven analytics, automation of workflows and enhanced use of dedicated staff appraisers. This acceleration is expected to improve client satisfaction, reduce appraiser turn times, enhance quality and increase productivity. The decision to exit these businesses is expected to result in lower revenue in 2019, but it will enhance overall profit margins and improve underlying organic growth trends in 2020 and beyond.

AMC revenues estimated to be impacted from this acceleration were approximately $65 million during the first nine months of 2018. According to the company, the long-term revenue growth rate trend and contribute to the achievement of 30 percent adjusted EBITDA margins in 2020. Corelogic might incur cash and non-cash charges associated with these business decisions.

Quicken Loans has signed a contract extension to continue using LoanSphere MSP, Black Knight’s  servicing system.

“As a company that has been ranked No.1 for client satisfaction in mortgage servicing [for] five years in a row by J.D. Power, it is clear we make our clients’ servicing experience a priority,” said Jay Farner, chief executive officer at Quicken Loans. "I’m looking forward to the next five years with Black Knight as our partnership continues to evolve while still setting the bar for client satisfaction in our industry.”

Black Knight’s LoanSphere MSP system offers robust and scalable end-to-end loan support to help mortgage servicers manage all aspects of their operations, from payment processing to escrow administration, client service, default management and more. The technology can accommodate any size portfolio, including that of Quicken Loans the sixth largest servicer. It is also augmented by Black Knight’s award-winning customer support.

“Our ongoing partnership with Quicken Loans strengthens our mutual commitment to transforming the mortgage experience for the benefit of consumers and the industry as a whole,” said Anthony Jabbour, chief executive officer of Black Knight. “I’m looking forward to the next five years with Black Knight as our partnership continues to evolve while still setting the bar for client satisfaction in our industry.”

Black Knight’s LoanSphere MSP system offers robust and scalable end-to-end loan support to help mortgage servicers manage all aspects of their operations, from payment processing to escrow administration, client service, default management and more. The technology can accommodate any size portfolio, including that of Quicken Loans the sixth largest servicer. It is also augmented by Black Knight’s award-winning customer support.