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Essent’s Master Policy defines Default as the “failure of a Borrower to pay, when due, a non-accelerated amount equal to or greater than one regular periodic payment payable under the terms of the Loan.” A Loan is considered to be in Default if a payment is not made by the close of business on the installment due date.

To report a delinquency, the Servicer must provide Essent with a Notice of Default:

• within 45 days of an Early Default (defined as failure of the Borrower to make any of the initial 12 payments); or
• within 10 days of the first to occur:
  
  1. the date the Borrower becomes three months in Default or;
  2. the date when any Appropriate Proceedings, which affect the Loan or the Insured’s, the Third-Party Beneficiary’s or Borrower’s interest, have commenced

The Servicer can submit a Notice of Default Form to Essent by Electronic Data Interchange (EDI), or via Loss Management Online.

Monthly status updates

Once a Default is reported, the Servicer must provide a Monthly Status Update to Essent by the 25th calendar day of the month following the initial reporting of the delinquency, and must continue providing monthly status reports until:

• the Default is cured
• a Claim is filed
• the coverage is canceled

The Servicer can submit monthly status reports by EDI or via Loss Management Online.

For more information, please see our Default and Claims Servicing Guide in the resources below.

You can also email lossmanagement@essent.us 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.