EssentFLEX allows borrowers to tailor their monthly borrower-paid mortgage insurance (BPMI) premium to their individual financial situation. Borrowers pay a customized upfront portion of their MI premium at closing to lower their monthly MI premium. The upfront premium can be funded by the borrower, seller or other interested third party.

EssentFLEX offers ultimate flexibility because the cost of MI can be divided into a single, upfront premium payment and a lower monthly payment. Lenders enter the amount of available funds to be paid upfront to lower the borrower’s monthly MI premium payment, along with other required loan scenario details, to receive a quote with upfront and monthly MI premium amounts. To get an EssentFLEX quote, visit Essent Rate Finder.

This MI product is non-refundable; however, a partial refund is possible if it is canceled under the Homeowners Protection Act of 1998 (HPA). Read Removing PMI to learn more.

Essent offers standard and portfolio BPMI programs to lenders. Contact your Essent account manager to discuss your needs and qualifying criteria.

Availability is subject to state regulatory approval.

Refer to Sections 10.0 and 11.0 of the Essent Client Services Guide for information regarding cancellation of MI coverage and refunds of premium depending on the Premium/Product Plan selected and Source of Premium Payment