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Essent’s Master Policy requires an Insured or its Servicer to use commercially reasonable efforts to limit and mitigate losses by following the customary servicing standards for delinquent Loans. Below is a summary of our Master Policy requirements for different Loan workout options.
- Repayment plans and forbearance agreements. All Servicers are delegated to approve repayment plans and forbearance agreements with no conditions.
- Modifications. For GSE Loans, Servicers are delegated to approve modifications according to the respective GSE guidelines.
For non-GSE Loans, Servicers are delegated to approve modifications as long as the:
- interest rate remains the same or is reduced
- remaining term is not reduced (term can be extended to 480 months)
- capitalization of delinquent interest, taxes and insurance of the modified principal balance does not exceed 110% of the original insured amount
Short Sales (Pre-Foreclosure) and Voluntary Conveyances/Deeds in Lieu. For GSE Loans, if the Servicer is approved by the GSE as a delegated Servicer to make Short Sale or Voluntary Conveyance/Deed in Lieu decisions on their behalf, our approval is not required and the Servicer should follow the GSE guidelines.
For all non-GSE Loans, the Servicer is required to contact us for approval by completing our Loss Mitigation Approval Form and emailing it to email@example.com. We will make every effort to respond to your request for approval within 48 hours.
For more information, please read the Loss Mitigation section of our Default and Claims Servicing Guide.
You can also email firstname.lastname@example.org or call (877) 331-9077 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
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