GSE High Loan-To-Value Refinance Programs

Essent supports Fannie Mae’s High LTV Refinance Option and Freddie Mac’s Enhanced Relief RefinanceSM Mortgage programs, which are the replacements for the Home Affordable Refinance Program® (HARP).

Lenders can start accepting applications on or after November 1, 2018, for these programs, however, new loans must close on or after January 1, 2019.

All High LTV Refinance Program loans must be originated, underwritten and closed in compliance with all applicable Agency requirements and guidelines.

Essent will treat a new loan as a modification of an existing Essent Certificate, with no fee being charged to issue an updated Certificate Endorsement. Existing Certificates will be modified at the same mortgage insurance (MI) Coverage Percentage, MI Premium Rate and MI Plan Type.

High LTV Refinance Program Submission Process

For Eligibility Inquiries

For inquiries regarding the current status and eligibility of an existing Essent Certificate for the High LTV Refinance Program, email the following information via our secure file transfer system:

  • Requestor Name, Contact Number and Email Address
  • Master Policy Number
  • Essent Certificate Number
  • Borrower(s) Name(s)
  • Subject Property Address
  • Servicer Loan Number

We will return a completed High LTV Information and Activation Form to you with the current status and eligibility of the certificate for the High LTV Refinance Program.

For Non-Delegated Loans

Email the completed High LTV Information and Activation Form to refinancetomodification@essent.us and submit the following documentation via our secure file transfer system:

  • Payment history on the loan being refinanced (may be documented via a current credit report)
  • New fully-executed Uniform Residential Loan Application (Form 1003)
  • New Uniform Underwriting and Transmittal Summary (Form 1008 – or equivalent underwriting summary form)
  • Final DU® Findings or Loan Product Advisor® (LPA®) Feedback Certificate
  • New credit report on all borrowers
  • Current employment/income verification (Verbal Verification of Employment (VVOE) for at least one borrower, documentation of a non-employment income source OR documentation of liquid 12 mos. principal, interest, taxes and insurance (PITI) reserves). Note that additional documentation may be required if the new principal & interest (P&I) payment is increasing more than 20% or a borrower on the refinanced loan is being removed other than due to death
  • Current asset verification (required if the new P&I payment is increasing more than 20% or a borrower on the refinanced loan is being removed other than due to death)
  • Other Documents, as applicable (e.g., evidence of property, flood and liability insurance coverage for condos, co-ops & PUDs)

When the Underwriting is completed, we will return the High LTV Information and Activation Form to you with confirmation of the eligibility of the loan for the High LTV Refinance Program.

Upon closing of the new refinance loan, email the fully completed High LTV Information and Activation Form to refinancetomodification@essent.us to request a modification of the existing Certificate and forward any applicable MI premiums due.

Upon confirmation that the loan is eligible for the High LTV Refinance Program, we will issue an updated Certificate Endorsement to you.

For Delegated Loans

Upon closing of the new refinance loan, email the completed High LTV Information and Activation Form to refinancetomodification@essent.us and forward any applicable MI premiums due.

Upon confirmation of the eligibility of the loan for the High LTV Refinance Program, we will issue an updated Certificate Endorsement to you.

For additional details or questions, please contact our Client Services Team at 877.569.6547 or clientservices@essent.us, Monday through Friday, 8 a.m. to 8 p.m. Eastern time.

 

Home Affordable Refinance Program®, HARP® and the HARP logo are federally registered trademarks of the Federal Housing Finance Agency.

Enhanced Relief RefinanceSM is a service mark of Freddie Mac. Loan Product Advisor and LPA® are registered trademarks of Freddie Mac.

DU® is a registered trademark of Fannie Mae.

High LTV Resources