Master Policy Resource Center
Our New Master Policy Is Coming March 1, 2020
Our new Master Policy aligns with the GSEs’ repurchase framework and offers new benefits, including an easy-to-read format and greater Rescission Relief protection for policyholders. Download our FAQs and sample documents to learn more.
2014 Master Policy with Clarity of Coverage®
Our Master Policy with Clarity of Coverage® (effective October 1, 2014) not only offers you the opportunity to significantly shorten the time period for rescission relief, you also have greater flexibility to choose the rescission relief that best fits your workflow.
Rescission Relief in as Soon as 12 Months
Whether you are submitting loans on a delegated or non-delegated basis, you can be eligible for rescission relief in as little as 12 months from loan origination.
For delegated and non-delegated loans:
- Submit the Origination File and Closing File to us for review and approval.
- Borrowers must make the first 12 consecutive monthly payments on time from their own funds.
Rescission Relief in 36 Months
If providing extra documentation does not fit well into your work flow, we have rescission relief that works for you. For delegated and non-delegated loans:
- Our process is still the same. Non-delegated customers submit the Origination File to us for review and approval. Delegated customers are authorized to underwrite the loan and approve the MI.
- Borrowers must make the first 36 consecutive monthly payments on time from their own funds.
Enhanced Collateral Coverage for Non-Delegated Loans
We will automatically review appraisals on all non-delegated loans. If the valuation meets our criteria, and borrowers make the first 12 consecutive monthly payments on time from their own funds, the rescission period for valuation-related issues will be capped at 12 months. No closing file required!
Our Underwriting Commitment
- We will not rescind for appraisal issues, unless there is a valuation variance of 15% plus evidence of manipulation by the appraiser of the information supporting the value.
- We take responsibility for our own work — if we miss something in a non-delegated submission that we should have caught, or if we make an error in doing our QA on delegated submissions, we won’t challenge it later.
Our Master Policy at a Glance
|Enhanced Clarity of Coverage
(For Insureds that want Essent to determine eligibility for early rescission relief)
|Underwriting Mistakes||Date issued||Date issued||Date issued|
|Collateral Eligibility/Valuation||12 months||12 months||12 months|
|Underwriting Defects||36 months||12 months||12 months|
(For Insureds that prefer to maintain their current process)
|Underwriting Mistakes||Date certificate is issued||N/A|
|Collateral Eligibility/Valuation||12 months||36 months|
|Underwriting Defects||36 months||See below*|
*Date certificate is issued for loans where we do QA review and identify no material findings. 36 months for all other non-QA loans.
A Note About TRID (TILA-RESPA): References to the HUD-1 settlement statement in our Master Policy should be read to refer to the new Closing Disclosure (CD) form for loans closed after October 3, 2015.
Access Policy Form Archives.
Master Policy Resources
Master Policy with Clarity of Coverage®
Get complete details about coverage options, loss payment procedures and more.Download PDF
Understand our practices regarding data privacy and security for our Master Policyholders.Download PDF
Enhanced Clarity of Coverage Guide
Get an overview of the general requirements for our Enhanced Clarity of Coverage Endorsement and the various coverage options.Download PDF
Master Policy FAQs
Read answers to the most common questions about our new Master Policy.Download PDF
Delegated Underwriting Endorsement
See details for the Delegated Underwriting Endorsement to our Master Policy, including loan eligibility requirements.Download PDF
Non-Delegated Underwriting Endorsement
See details for the Non-Delegated Underwriting Endorsement to our Master Policy, including loan eligibility requirements.Download PDF
Enhanced Coverage Endorsement
See details for the Enhanced Coverage Endorsement to our Master Policy, including enhanced underwriting and collateral coverage.Download PDF
Financed Premium Benefit Endorsement
See details for the Financed Premium Benefit Endorsement to our Master Policy.Download PDF
State Variation Endorsements
See which states require an endorsement to our Master Policy with Clarity of Coverage.Download PDF
Enhanced Clarity of Coverage Options Request Form
Use this form to opt in/out of different Enhanced Clarity of Coverage options.Download PDF
Extended View Pipeline Opt-Out Form
Use this form to opt out of Extended View access for your branch in our Essent Online MI Ordering system.Download PDF
Clarity of Servicing Resources
Commitment & Certificate of Insurance Resources
Applications for Mortgage Insurance
Mortgage Insurance Application for All States
Complete and return this application to us for loans originated in any state other than Oregon.Download PDF
Mortgage Insurance Application
Complete and return this application to us for loans originated in the state of Oregon.Download PDF