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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.

Property retention

• 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:  

1. interest rate remains the same or is reduced
2. remaining term is not reduced (term can be extended to 480 months)
3. capitalization of delinquent interest, taxes and insurance of the modified principal balance does not exceed 110% of the original insured amount

Property liquidation

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 lossmanagement@essent.us. We will make every effort to respond to your request for approval within 48 hours.

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.