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Natural disasters, such as tornados and floods, can give rise to a default on an Essent-insured mortgage loan, due to damage to the property or to a borrower’s workplace, resulting in loss of income.
We understand that it can sometimes take several months to get the home repaired and/or for the borrowers to get back to their jobs, and we want to encourage such restoration and rehabilitation without insisting on the adherence to timeframes, which would otherwise apply under our Master Policy.
Delegation of authority to Servicers
Therefore, when a natural disaster is the reason underlying a default, or is preventing a borrower from curing an existing default, we agree to delegate to the Servicer the authority to postpone the proceedings, which may be underway (e.g., filing of the foreclosure complaint or pursuit of the foreclosure sale), as the Servicer may deem appropriate, such that the Servicer may proceed with such suspension or forbearance without our prior approval.
Servicers may also approve any repayment or forbearance plan for the borrower in such a circumstance.
Servicers of Essent-insured Loans have our fully-delegated authority to make these determinations and decisions on our behalf with no other condition than after-the-fact notification of your decisions to our Loss Management Team via email at email@example.com or by phone at (877) 331-9077. 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