Master Policy Rescission Relief Options
Our Master Policy offers the following forms of Rescission Relief, including Rescission alternatives.
We offer you the flexibility to choose the Rescission Relief that best fits your workflow.
If providing extra documentation doesn’t fit into your workflow, your earliest opportunities for Rescission Relief are:
|
For Non-Delegated Loans: |
For Delegated Loans: |
|
|---|---|---|
|
Loan-Level Relief |
Rescission Relief at 36 months*, with the following exceptions. |
Rescission Relief at 36 months. |
|
Automated Tools |
If automated tools are used to verify income, assets or employment, we will not rescind due to any issues related to those factors as of the Commitment Date. |
N/A |
|
Collateral Eligibility /Valuation |
The appraisal is reviewed at underwrite, therefore, we will not rescind based on any issues related to the value as of the Commitment Date. |
N/A |
|
Essent Underwriting Mistakes |
We will not rescind based on mistakes made by our underwriters as of the Commitment Date. |
N/A |
*At commitment, Non-Delegated Loans cannot be granted Rescission Relief earlier than 36 months because we have not had the opportunity to review the closing docs for any potentially significant underwriting defects.
If you choose to opt in for post-close review or if your Loan is subject a Quality Assurance (QA) review, your opportunities for Rescission Relief are:
|
For Non-Delegated Loans: |
For Delegated Loans: |
|
|---|---|---|
|
Underwriting Defects (including Closing Documents) |
The Loan will receive Rescission Relief upon completion of our Independent Validation with no unresolved Significant Defects. |
The Loan will receive Rescission Relief upon completion of our Independent Validation with no unresolved Significant Defects. |
|
Collateral Eligibility /Valuation |
N/A |
The Loan will receive Rescission Relief upon completion of our Independent Validation with no unresolved Significant Defects. |
For more detailed information about the Rescission Relief options available to you, read our Early Rescission Relief Guide.
Our Underwriting Commitment
As always, we take complete responsibility for our work. If we miss something on a Non-Delegated Loan that we should have caught, or if we make an error in our QA review for a Delegated Loan, we will not challenge it later. We will not rescind for appraisal issues, unless there is a valuation variance of 15%, as well as evidence of manipulation by the appraiser of the information supporting the value.