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In order to avoid any adjustment to the Insurance Benefit, it is important for the Loan Servicer to bid according to Essent’s instructions at the foreclosure sale. The full text of Essent’s Foreclosure Sale Bidding Instructions is set forth in our Default and Claims Servicing Guide, found in the resources below. Below is a summary of those instructions.
Unless we instruct otherwise, in states where the foreclosure process permits or requires bidding at the foreclosure sale, the Insured should bid or cause the Servicer to bid as follows:
- If the Loan’s investor is Fannie Mae or Freddie Mac, their respective bidding instructions should be followed.
- If the Loan’s investor is not Fannie Mae or Freddie Mac, and the:
- Property value is unknown, the bid must be opened at no more than 80% of the Total Debt. The bid can be opened at a lesser amount when allowed or required by state law. In the event of competitive bidding, the Insured must continue bidding until the bid is won or the Total Debt amount is reached; or if the
- Property value is known, the bid must be opened at the Property value or the Total Debt, whichever is the lesser amount. In the event of competitive bidding, the Insured must continue to bid until either the Property value or Total Debt, whichever is the lesser amount, is reached. Essent does not require bidding above that requirement, but the Insured or Servicer should confirm with the owner of the Loan to ensure that these instructions meet their requirements.
If there is a conflict, please contact Essent’s Loss Management Department. You can also email firstname.lastname@example.org or call 833.376.8464 for more information. Our dedicated associates are available to assist you Monday through Friday, 9 a.m. to 5 p.m. Eastern Time.
Loss Management Resources
Loss Management Online
Submit a Notice of Default, provide a Monthly Status Update, file a Claim For Loss, obtain a Claim Status or EOB and upload documents.
Natural Disasters Delegation Notice
Learn the different circumstances under which Servicers can suspend foreclosure proceedings.Download PDF
Loss Mitigation Approval Request Form
Complete this form and email it to Essent to request approval for repayment.Download PDF
Notice of Default and Monthly Status Update
Complete this form and email it to Essent to report a delinquency on a Loan.Download PDF
Notice of Completed Loan Modification
Complete this form and email it to Essent to provide details of the modified Loan terms for a Property.Download PDF
Claim For Loss Form
Complete this form and email it to Essent, along with any required documentation to file a Claim for Loss.Download PDF
Default and Claims Servicing Guide
Understand the general requirements of our Master Policy that become applicable in the event of a Default.Download PDF