Briefs: NAB renews LMI with Genworth, new inquiry into loan defaults, NAB's share offer falls short, 05 June 2015 3:57PM Banking Day staff Briefs, In a statement to the ASX last night, Genworth Mortgage lnsurance Australia said that it has renewed its contract with National Australia Bank to provide lenders mortgage insurance for NAB's broker business. The contract that was due to expire on 20 November this year, and will now run for two more years, with a 12-month extension option. This contract represented 11 per cent of gross written premium in 2014. A new parliamentary inquiry into loan defaults has quietly been unveiled with "a set of bombshell terms that will send shivers down the collective spines of the banks, property valuers and liquidators", according to the SMH. It will be be headed by Senator David Fawcett, and will examine allegations that the banks deliberately engineered some of them to sell people up - people who had never missed an interest payment. National Australia Bank has completed the retail component of its share issue, raising A$2.04 billion. The institutional component, which was completed last month, raised $2.7 billion. NAB said the retail offer attracted 265,000 applications for the renounceable offer of new ordinary shares at $28.50 a share (available on a pro rata basis of two for 25). The capital raising is short of the bank's target of $5.5 billion but about 28.5 million entitlements not taken up in the retail offer will be offered in a retail shortfall book build. NAB's share price was $32.20 at the close of trading yesterday. Calls made to debtors from Australian collection agencies are expected to exceed 70 million annually at the mid-year mark. But, according to the Australian Collectors and Debt Buyers Association, the figure could be halved if those contacted just picked up the phone or answered a text. They say debt collectors are: "there to help you find a solution and if we know your circumstances, there are many measures we can put in place to assist." A recent report into the debt collection industry by the ACCC found the sector operates professionally with few complaints for the large number of interactions collectors had with customers. The Asia-Pacific monthly loan league tables show that the mandated arranger (ex-Japan) league tables closely shadow the regional rankings for size of bank by assets. In both instances, the top spots are dominated by four big banks from China with the rest of the top 15 made up of Australian and Japanese banks along with HSBC and Standard Chartered. ANZ was the best of the Australian banks, arranging to lend US$4.3 billion via 21 syndicated loans for the calendar year to date. On the bookrunner league tables, ANZ was ranked fifth. Japan's Nippon Life Insurance is strongly rumoured to be in preliminary discussions to buy National Australia Bank's insurance business, with JP Morgan as adviser on the deal. However, all companies involved are just as strongly denying any deal is in the offing. Unfazed, the Nikkei Business Daily reports that a price tag of up to US$2.4 billion is under consideration. However, Reuters, citing "a source with knowledge of the matter" said that Nippon Life's interest had not advanced that far and it was just having a look at the assets.